The Financial Costs of Being a Woman

Women today must plan to live longer, while earning less and shouldering the burden of childcare and looking after elderly parents

Jackie Porter, CFP 8 March, 2021 | 2:55PM
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Mother working at home with child

International Women’s Day provides us the chance to reflect on all that we have achieved over the past century. We have so much to be proud of. In 2021, there are so many more female leaders to point to at the helm of Fortune 500 companies as well as the highest levels of government around the world.  

There has never been a important time take stock of our past, and to determine where women will need to go next. We are at an inflection point. The pandemic has set women back as more and more wopt out of the workforce and struggle with the overwhelming demands of children and elderly parents – causing what many have dubbed a “she-cession”. The long-term effects will not be fully calculated for many decades. In fact, if gender equity polices prior to the pandemic remained intact in the workforce, women were not going to achieve parity for another 257 years

The Intangible Financial Costs

There are intangible costs of being a woman and these need to be identified so that we can continue to work to overcome them. One of the biggest financial threats of being a woman is the cost of gender discrimination and its impacts on a women’s psyche. We may never be able to fully put a price tag on the long-term effects of gender discrimination and the consistent toll it takes. Still, companies and governments must immediately take steps towards reducing discrimination, and this also makes financial sense.

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About Author

Jackie Porter, CFP  Jackie Porter is an award-winning Canadian financial planner