New study shows older, single women are smashing financial well-being stereotypes

Cathy Hope is the owner of Lady Luck Boutique in Halifax’s Historic Hydrostone District. She’s a successful entrepreneur, part of the 55+ community, and confidently independent.

“Happiness is not dependent on who you’re living with and your finances shouldn’t be dependent on who you’re living with either,” said Hope.

“So I think there are more options available for older women now and I think the option of being alone is a great one.”

Hope is one of many women who are “smashing stereotypes” according to a new study by HomeEquity Bank.

Results found that women who are willing to talk about finances and seek advice have better financial outcomes, single woman tend to feel better about their finances overall, and women still struggle to find trustworthy and non-judgemental advice.

“I think we have to make the conversation of being older and single and reasonably financial secure – that has to be something we talk about over drinks not something that we sit alone in our homes at our kitchen table, frantically with a calculator thinking about,” said Hope.

The study surveyed over 1,000 people across Canada. At the heart of the results was women empowerment, especially when it comes to financial well-being.

“I would say for me, the big one is really around the fact that when you’re willing to talk about your finances, you tend to have a better financial outcome,” said Vivianne Gauci, the senior vice president for customer experience and chief marketing officer with HomeEquity Bank.

“I think that’s a very important and empowering message because it’s really around being willing to do the research to educate yourself. That’s what’s really going to make you feel better financially.”

Gauci adds conversations about money is key to financial success.

“The more you talk, the more that you’re going to potentially uncover different strategies, different opportunities or different things that you might or should be doing with your finances to feel empowered, to feel more in-charge and to be making the right decisions for you,” she said.

HomeEquity Bank reported that 60 per cent of single women report high financial wellness scores, 51 per cent of single women 55+ seek financial advice, and 62 per cent of women who are 75+ say they can enjoy life because of how they managed money.

“I think what we’re seeing with older women is that we have financial control and that is what makes us feel better as opposed to someone else telling us what we should do,” said Hope.

“I, and my other colleagues who are in similar situations to me are constantly asked ‘Why don’t you get a partner? Why don’t you get a boyfriend?’ All these questions to make us financially stable, when in fact we are quite happy the way that we are.”

Another big take away from the study was, no matter your situation, whether you’re single, with a partner or a family, no one cares more about your financial future than you.

"It’s really about how you feel about your finances, because really what we found is, you don’t have to be wealthy to feel financial healthy,” said Gauci.

“It’s really about taking charge, educating yourself and making sure that you feel empowered about your current financial situation.”