For the fourth consecutive rate announcement, the Bank of Canada did exactly what we expected it to do and left the bank rate unchanged at 5%. Inflation is tamer and has decelerated but has not yet hit the desired 2% target. The job market has proven more resilient than anyone initially thought. Yet, the private sector has been scaling back on hiring for the past three months. We don’t know with certainty if our economy is headed toward a soft landing or a mild recession. A far more sensible approach is to set yourself up for success and control what you can in an environment where you feel you have no control. Explore all of your funding options to free up some cash.
Conventional wisdom tells us that older Canadian women are reluctant to talk about their finances because it’s “not polite.” However, HomeEquity Bank is working to smash this stigma and empower Canadian women 55+ to take charge of their financial future by encouraging them to ask the right questions and considering all the financial solutions available to them. While older Canadian women are often stereotyped as financially “vulnerable,” HomeEquity Bank’s research found that women reported improved financial wellness scores as they aged: 63% of older Canadian women reported a financial wellness score of 60+, compared to only 46% of younger women. If you fall into that camp, HomeEquity Bank’s new Financial Wellbeing tool is designed to help you get a measure of your financial wellbeing and provide you access to customized resources.
Women have been making remarkable strides in taking charge of their financial destinies. However, by building on the momentum gained over the years, the relationship between women and money is continuing to evolve and progress. According to a new survey, released by HomeEquity Bank, provider of the CHIP Reverse Mortgage, long-standing financial myths have been both reinforced and shattered, about women and their finances, especially for those who are 55+. The ultimate goal is a simple one, to help women feel more in control of their financial futures and more secure in their retirement. According to the HomeEquity Bank survey, women who were solely responsible for their finances tend to have a higher financial wellness score than those who share the responsibility with other family members (51% versus 41%).