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Benefits November 16, 2009
More Canadian Women than Men Concerned about Effects of Economy
November 16, 2009 (PLANSPONSOR.com) - Women have grown more concerned about being able to ride out changes in Canada's economic performance (17.9% increase since June 30), according to the latest quarterly results of the Russell Financial Health Index (RFHI) - an online calculator that gauges Canadian investors' perceptions of their overall financial health.
Reported by Rebecca Moore
Leading an active and healthy lifestyle (15.1%) and having reliable, trustworthy professional advice (11.2%) rounded out the top three largest increases in concern for women, a press release said. The biggest overall concern for women remained the uncertainty of having sufficient income for a desired lifestyle.
Needing to help grown children and aging parents with finances has declined as a concern for women, as have leaving an inheritance and dealing with the financial impact of the death of a spouse or partner, according to the press release.
Kathleen Wylie, a senior research analyst at Russell Investments Canada Limited, noted in the announcement that women using the RFHI calculator this quarter were more likely to be single, widowed, or divorced, which may have contributed to their increasing concerns over Canada’s long-term economic outlook and their own financial well-being.
The results showed men are showing less concern about the economy, leaving an inheritance, and the financial impact of the death of a spouse or partner.
Overall, the average Canadian financial health score using the Russell Financial Health Index continued to decline since it was launched in the fourth quarter of 2008, from 50.65 points to 47.95 points. A higher index indicates that Canadians are feeling more optimistic about their financial health, whereas a declining index reveals that Canadians, on average, are more pessimistic about their finances.