News / Edmonton

Women lack confidence in financial literacy: Survey

Environics Research poll shows 38 per cent of Alberta women feel confident about their financial knowledge

Money is removed from a bank machine in Montreal on May 30, 2016.

Ryan Remiorz / The Canadian Press

Money is removed from a bank machine in Montreal on May 30, 2016.

A recent survey commissioned by a Canadian bank found confidence is the key to a gender gap in financial literacy.

In Alberta, the Environics Research survey for EQ Bank found that while women were not far behind men in understanding finances, only 38 per cent of women felt confident about their financial knowledge, versus about half of men.

“We actually knew more than we thought we did, it was just that we didn’t feel confident,” said the bank’s vice-president of residential sales and partner relations, Kim Kukulowicz.

The idea to conduct a national survey came after Kukulowicz realized that despite being an experienced financial executive, she was not as confident with certain aspects of finances as her husband, who is a financial advisor.

Wondering if others felt the same way, she had 20 women at the bank do a quiz.

“On their financial knowledge, most of them got perfect. But not one out of the 20 actually felt confident that they answered the questions correctly,” Kukulowicz said.

After the Environics survey found similar results to the bank quiz, EQ started working on an online education platform dedicated to women called Stnce – with educational tools, surveys, videos – and a cross-Canada tour with key ambassadors holding events for girls and women.

Kukulowicz said she believes if people become confident in financial literacy, they will become confident in other aspects of life as well.

“We’re going to be sort of disrupters with this,” she said.

“We think that we’ve found the secret sauce to helping create more awareness, confidence, more women leaders, entrepreneurs, more mothers teaching their kids.”

The survey was fielded online in October among a nationally representative sample of 1,125 Canadians.

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