Every March, we celebrate Women’s History Month, a time to recognize courageous women and girls who have made an impact worldwide through their achievements and desire to facilitate change.
In alignment with this year’s theme, “Make an Impact,” we spoke with two of our very own employees, Melanie McCallum (Regional Vice President, ON) and Chantal Mackenzie (Regional Vice President, AB South, NWT and YT) on the importance of financial literacy in the modern age. Ahead, read their four key pieces of advice on how women can improve their position in 2021 and beyond.
- Think big picture. “So many young women spend money on expensive brand name makeup or Starbucks when they could be setting up a life insurance policy for cents on the dollar,” says Chantal. While it can be tempting to blow your cash on short term wants, if you do this consistently and forgo thinking long term, you’ll be putting yourself at a major disadvantage in the future.
- Ensure you have a handle on your household finances. Regardless of marital status, women should have an awareness of their monthly spending and purchase decisions. “It is extremely important for women to have an understanding of and some control over their money. Gender stereotypes are still in full force. Most females organize everything in their home, and their finances should be included,” Melanie notes.
- Prioritize planning. Women need to be well prepared in the unfortunate event that something happens to their loved ones. Statistics show that many Canadian women will lose their partner before the age of 56, and in the circumstance of a divorce, they often remain the primary caregivers.1 This means it is essential to be familiar with life insurance and understand how to make key changes to a policy such as updating a beneficiary.
- Strongly consider a critical illness insurance policy. Critical illness insurance is the most important policy for women to purchase. It’s a smart idea to buy such a policy at a young age, before health issues arise. Review Canada Protection Plan’s critical illness insurance options here.