CDIC discusses the gender gap and the importance of raising public awareness of deposit insurance among women in Canada
OTTAWA – October 21, 2021 – Canada Deposit Insurance Corporation (CDIC) held its Annual Public Meeting today via live webcast. CDIC President and CEO Leah Anderson was joined by members of the CDIC Board of Directors and a panel of subject matter experts for a conversation about the gender gap in financial literacy.
“When the COVID-19 pandemic struck, CDIC adapted quickly to the changing landscape, placing focus on initiatives that strengthened CDIC’s ability to respond effectively to uncertainty and to protect depositors under any circumstance,” said Ms. Anderson. “An integral part of protecting depositors is public awareness. Canadians can’t fully benefit from a deposit insurance program if they don’t know about it.”
CDIC research continues to show a significant gap in awareness among women as compared to men. This gave rise to more targeted efforts to address the gender gap, including through this year’s APM theme of increasing financial literacy among women.
Central to the day’s theme was research presented by the Financial Consumer Agency of Canada (FCAC)’s Dr. Supriya Syal, who discussed potential causes for the gap in awareness and financial literacy in general. To round out the discussion, CDIC heard insights from millennial money expert Jessica Moorhouse, and lifestyle blogger, Jaime Damak, who highlighted the importance of keeping women engaged in conversations about finances. The meeting concluded with panelists responding to questions from the public.
CDIC is a federal Crown corporation established in 1967 to protect the savings of Canadians, and we contribute to financial stability by safeguarding over $1 trillion in deposits at more than 80 member institutions. As resolution authority, we are responsible for handling the failure of any of our members, from the smallest to the largest. Our members include banks, federally regulated credit unions as well as loan and trust companies. We are funded by premiums paid by member institutions and do not receive public funds to operate. We have resolved 43 member failures affecting some two million Canadians. No one has lost a dollar of deposits under CDIC protection.
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Director, Communications and Public Affairs