Closing the financial literacy gender gap
SUMMERSIDE — At just 23-years-old, Amy Desroche has a house and a mortgage with her partner and is already on the right financial track.
Even so, she still has questions about planning her financial future, especially about investment options, an RRSP plan and a will.
"I feel it is good to start early because it can only build from here. I mean, it can only grow," said Desroche, one of about 180 women to attend Wednesday's Investing in You women's conference at
Credit Union Place in Summerside.
"You never think anything is going to happen, until it does. So, it's good to start planning," she said.
The conference was organized by P.E.I. Credit Unions.
Shannon Kennedy, marketing engagement coordinator with P.E.I. Credit Unions, said this is the first time this conference has been held.
"This is really a financial literacy event for women put on by women to talk about all things — health, wellness as well as financial wellness —and how those items are connected," she said.
Kennedy said the conference was intended to address the inequality between men and women when it comes to financial know-how.
"Oftentimes, women are less financially literate than their male counterparts," Kennedy said.
"So, we are really working to close that gender gap and help support women through all of life's stages, whether they're just getting started, they're looking at education or whether they have kids and they want to start planning for their future or their retirement."
Sandra Hickey, a financial services officer with Consolidated Credit Union in Summerside, was one of the panellists.
She said that the more knowledgeable women are about money matters, the more comfortable they will be, and make better financial decisions for themselves.
Hickey said it can be intimidating for women to seek financial advice when they need help, such as when their husband dies and leaves them to manage financial matters.
The panel took questions from the audience. One question that stuck out for Hickey involved which is better — a registered retirement savings plan (RRSP) or a tax-free
“You never think anything is going to happen, until it does. So, it’s good to start planning.”
Amy Desroche
savings account (TFSA).
"Sometimes RRSPs are not the right thing for someone, and sometimes TSFAs are better, or vice versa," she said. "It really depends on your financial situation."
Other issues Hickey sees include people not having a will or power of attorney over financial matters. Having a plan in place for these issues is important so crucial financial decisions can be made during a stressful time.
Velma MacDonald, 83, of Rice Point also attended the conference to pick up some tips about better ways to spend her money. One topic she found interesting was the discussion about scams. She's been targeted before from scammers telling her she's won Reader's Digest prize money.
Hickey agrees that scams are a common issue that people bring up in her office.
"You think here on P.E.I., we're protected from that. But we're not because to the online world, to the hacker, we're just another computer. We're just another number. It doesn't matter where we are."
Hickey said the key is for women to not be afraid to ask questions.
"Go to the people who can help you, who have knowledge — the professionals," Hickey said. "Everybody has a situation. So, knowledge is power. And the more you know, the better decisions you can make for yourself. It's just nice to sit down and talk to people and give them some confidence, and let them know they're not in it alone."