Written by: Tara Lalehparvar
November 28, 2023 – In a landscape historically dominated by men, entering the financial realm may feel like stepping into uncharted territory for many women. Women often face unique challenges, from earning disparities to career interruptions due to caregiving responsibilities.
This gap is amplified for newcomers to Canada who may grapple with navigating a new financial system and cultural nuances. The good news is that times are changing, and inclusivity and diversity are becoming integral to reshaping the financial industry.
Empowerment Through Knowledge
Education is the cornerstone of empowerment. Attend workshops, webinars, or seminars that focus on financial literacy. The wealth of information available can boost confidence and decision-making abilities, creating a solid foundation for future financial success.
Strength in Numbers: Building a Support Network
Building a support network is equally crucial. Finances are often a persistent source of anxiety and uncertainty, a feeling amplified by the fact that talking about money can be taboo and uncomfortable. Sharing experiences and learning from others within financial communities or support groups can provide valuable insights and encouragement. It is immensely valuable to foster a supportive environment that nurtures financial confidence.
Celebrating Small Victories
Acknowledge and celebrate each achievement, no matter how modest. Whether it’s completing a set goal, paying off a credit card or reaching a new savings milestone, it deserves recognition! These celebrations serve as motivation, reinforcing positive financial habits and propelling you toward larger objectives.
Starting Fresh: A Guide for Newcomers to Canada
Newcomers to Canada face a different set of challenges, often involving the navigation of unfamiliar systems and processes. One crucial aspect that might be overlooked is building a credit history—a foundational step that cannot be taken too soon.
Establishing a credit history is like laying the groundwork for a strong financial future, and it’s a step that goes hand-in-hand with many other aspects of financial well-being. Consider starting with a secured credit card and begin using it responsibly and consistently.
Equally as important is establishing an emergency fund. Life is unpredictable, and having a financial safety net is crucial. Set a goal to build an emergency fund that covers three to six months’ worth of living expenses. Whether it’s losing a job, or your car having troubles, this fund can provide a buffer during such unexpected events and offer peace of mind and financial stability.
In navigating these new territories, it’s vital to seek guidance from financial professionals who understand the unique challenges faced by women and newcomers. Personalized advice can provide valuable insights and help make decisions that align with individual goals.
A Collective Journey Towards Inclusivity
Empowering women and newcomers to Canada in their financial journey requires a combination of education, support, and proactive steps. The financial world is for everyone, and by embracing a positive mindset, we can contribute to breaking down barriers and building a more inclusive and approachable industry.
Tara is the co-ceo of Skyward Financial, a financial planning and literacy company with a mission to simplify the confusing world of finance by providing high-quality remote education sessions and personalized financial strategy plans, with a focus on helping those typically ignored by the financial industry including students, waged workers, recent graduates, and those starting out in their careers. She graduated from the Vancouver School of Economics at University of British Columbia, and is a licensed dealing representative in BC and QC currently working towards her Certified Financial Planner designation.