![]() Believe in yourselfĪccording to research by the Global Financial Literacy Excellence Center (GFLEC), a third of the gender gap in financial literacy scores can be explained by low self-confidence among women. ![]() Here are some tips to build your financial knowledge and help close the gap. ![]() Increasing financial knowledge can help overcome these barriers and empower more women on the road to financial resiliency. When polled, only 41 per cent of New Brunswick women said they feel good about their financial future compared to 57 per cent of men. Women statistically have shorter work experiences, lower incomes, and live longer than men, which may contribute to some women being less able to prepare for retirement and more vulnerable to financial hardship later in life. Family status, self-confidence, gender stereotypes, and the way financial concepts are taught and discussed in the home all contribute to the gender gap. The gap widens further for women within marginalized communities. Women face unique financial challenges compared to men resulting from systemic and societal barriers. In a recent FCNB survey, 37 per cent of New Brunswick women reported a decrease in personal income due to the pandemic. Among those affected were a disproportionate number of women. ![]() The importance of financial resilience was exemplified during the pandemic when many people lost their jobs, became caregivers for family members, or experienced major financial struggles due to decreased savings or inflation. Financial literacy plays a key role in a person’s ability to build financial resiliency and weather life’s storms. ![]()
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