Women and financial well-being

When you have financial confidence, you’re better equipped to invest in your future, support your loved ones and, most importantly, take care of yourself.

At CDIC, helping depositors understand their coverage and how to keep their money safe is a top priority because knowing about deposit protection is an important step toward financial well-being.

On International Women’s Day, CDIC recognizes the achievements of women globally and knows that empowerment isn’t just about earning more; it’s also protecting what you’ve worked hard to build.

Financial confidence is the foundation for financial well-being and deposit protection provides that confidence so you can plan, save and grow your finances with peace of mind. Knowing your deposits are protected can help with life’s stages and transitions whether starting a business, starting a family, planning for retirement or saving for a home.

Unfortunately, research shows that, around the world, women tend to have lower financial literacy on matters like budgeting, saving, investing, managing debt and other money-management concepts. There is a lot of research ^[1] that finds that women, on average, answer fewer financial knowledge questions correctly than men across different regions and age groups.

It’s important that we all do what we can to shrink that gap!

Do you want to improve your financial literacy or help someone you know? The Government of Canada has compiled a list of resources to help you manage your money, debt, investments and plan for retirement.

CDIC works to shrink the awareness gap with our public awareness strategy and women in Canada are paying attention!

CDIC regularly measures financial literacy across Canada, and overall, women are roughly 15% less likely than men, across different age categories, to be aware of federal deposit protection. That’s compared to the average gap of 20% only 5 years ago. The improvement is significant!