The IJ Staff
6 March, 2019 09:30
Photo : #WOCinTechChat
Canadian women control a growing wealth, a trend that will continue, says a report published by capital Markets CIBC.
The report, entitled The Changing Landscape of Women’s Wealth and written by Benjamin Tal and Katherine Judge, economists at capital Markets, CIBC, predicts that women will own a force more significant and more influential in the canadian economy.
More women in the workforce
“Today, 41% of women (single, divorced, widowed or are responsible for investment decisions) control not less than 2.2 trillion dollars in financial assets, also notes the report. This number is likely to increase rapidly, while the cohort of women in high-income and retired is growing. We believe that, by 2028, women will control more than a third of financial assets in total, a little less than $ 3.8 trillion, and more than double if one takes into account the real estate assets. “
The report notes that since the 2008 recession, more women aged 25 years and over work and participate actively in the economy. Women of this demographic group represent 52 % of the employment growth in full-time positions since 2008 and have more vacancies in areas well-paid jobs, nearly a third of them now occupying these positions, the study said. In addition, women aged over 55 years old saw their rate of activity is almost double compared to that of men during this cycle.
“In families where a woman belonging to the core working-age group is employed, the salary of women represents an unprecedented rate of 47 % of the family income, almost double the rate of the 1970s,” underlines the report.
Women live longer
The longevity of women is another factor that may explain why they are gaining more economic influence. Women still live longer than men and tend to marry sooner, which has the result that married women and widows control finally, a significant amount of wealth, the report notes.