Pattie Lovett-Reid Chief Financial Commentator

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%).

The Bank of Canada did exactly what Canada’s main commercial lenders expected and raised interest rates by .25 bps, increasing the bank rate to 5.0%. And here’s why: the Canadian economy continues to be more resilient than expected in 2023. GDP growth has exceeded expectations, consumer spending has been holding up despite higher rates and … Continued

Navigating the retirement landscape is tricky in this economic environment. Retirement is a big deal. We could spend a third of our life in retirement, and while for some it is a cherished dream, for others it can be an impending nightmare. Costs have been rising, and inadequate pensions, limited savings, and lifestyle considerations have … Continued

Leaving money can be a linear way of securing a legacy, but the key for many is taking the time to reflect on the deeper and more relevant questions: What do you want your legacy to really be? How will you be remembered? What sort of long-lasting imprint will reflect the life you lived and the memory you left behind? It isn’t about the money. I believe one of the most valuable gifts you can give those you care about is your time.

If by chance you are getting a tax refund, it may feel like a windfall, but it isn’t. You do, however, get a second chance to get the biggest bang for your buck, and maximize your returns. For some, a tax refund may be the financial boost you need right now, so never feel guilty using it to improve your financial health. Paying off debt is one of the absolute best ways to increase your financial wellbeing. Consider using your refund to make your home more energy efficient. Consider donating a portion of your tax return to a charitable cause. Take your tax refund and put the money in an RRSP. Go ahead and celebrate your tax refund and make that money work for you.

In recognition of Fraud Prevention Month, I recently joined HomeEquity Bank’s Senior Vice President and Chief Marketing Officer, Vivianne Gauci, for an Instagram Live to discuss the common scams affecting Canadians 55 and over and provide tips to protect yourself and your loved ones. Here’s what you may have missed! Canadians are increasingly the target of fraudsters and scammers. The Canadian Anti-Fraud Center (CAFC) reported a record-breaking $531 million lost to fraud in 2022. Even more worrisome? According to IPSOS research commissioned by HomeEquity Bank in 2022, over half of Canadians 55 and over report being targeted by scammers, with a staggering 36% report having fallen victim to a scam.

In recognition of Fraud Prevention Month, I recently joined HomeEquity Bank’s Senior Vice President and Chief Marketing Officer, Vivianne Gauci, for an Instagram Live to discuss the common scams affecting Canadians 55 and over and provide tips to protect yourself and your loved ones. Here’s what you may have missed! Canadians are increasingly the target of fraudsters and scammers. The Canadian Anti-Fraud Center (CAFC) reported a record-breaking $531 million lost to fraud in 2022. Even more worrisome? According to IPSOS research commissioned by HomeEquity Bank in 2022, over half of Canadians 55 and over report being targeted by scammers, with a staggering 36% report having fallen victim to a scam.

Let’s face it, even under the best of circumstances it can be difficult to entirely fund your retirement, especially when it could represent a third of your life. Add high inflation, market volatility and higher interest rates in today’s economic environment, and it is even more important to leave no stone unturned and explore all of your funding options. This includes your savings, money tucked away in a TFSA or investment portfolio, some have been diligent and consistently contributed to their RRSPs, others have had the luxury of a company pension plan, and almost all Canadians will turn to government programs to support their retirement lifestyle. However, for many, even if they tried to save via some, or all, of these products, it still may not be enough.