They are “Mom” at home and “boss” at work. Across Canada, women are steadily breaking through the glass ceiling in careers and business ownership. Women now hold more board seats at public companies—more than a quarter in 2022 versus just over 20% in 2020, according to the latest diversity report from law firm Osler, Hoskin & Harcourt LLP. Meanwhile, Statistics Canada data shows a nearly 30% rise in the number of women-owned businesses over the past decade.
Despite these gains, many women still relinquish control over household finances. A 2021 survey of high-net-worth individuals by UBS Group found only one in five couples make financial decisions together. More than eight in 10 women rely on their spouse for financial choices because they feel they lack knowledge, and over 70% report they do not have the interest or time to take part in financial discussions. These trends reveal a gap between professional leadership and financial leadership at home.
An unequal partnership: Why women defer financial decisions to their spouses
It can seem surprising that high-earning, accomplished women often aren’t sharing—or aren’t taking—the lead on household money matters. In our wealth and family office practice at Rubach Wealth, this pattern is common. Many clients are entrepreneurs or top professionals who run complex operations at work yet step back from financial decision-making at home.
There are several reasons. Heavy workloads and long hours at the office often leave women exhausted; many also handle a “second shift” of childcare, elder care and household duties. With limited time and energy, managing family finances can feel like an added burden.
Household roles and expectations also play a part. In many families, male partners assume or are expected to handle budgeting, investing and other long-term financial responsibilities. Letting a partner manage finances can reduce conflict and seem easier than confronting established routines. In some relationships, even when a woman earns more, she may cede financial control to preserve balance in the partnership.
Confidence and familiarity with financial matters are another factor. Some women only learn to manage money after a life-changing event like divorce or widowhood. A personal example illustrates how sudden responsibility can be overwhelming: my mother, a capable woman in many ways, deferred to my father on financial matters. When he died unexpectedly without a will or estate plan, she suddenly had to navigate assets and debts she’d never been involved with, and our family struggled to cope.
Research supports this link between practice and confidence. Although financial literacy tends to rise with income, women who rarely participate in long-term financial management score lower in financial literacy. A Statistics Canada study based on 2014 data found that when partners handled finances alone, women’s measured financial literacy declined.
How a financial advisor can help
Women don’t need to become financial experts overnight to take control or share financial decision-making. The key is to be proactive: find advisers who listen, explain options clearly and build plans with your values and goals in mind. High-performing women already delegate and collaborate in their careers—bringing that approach to personal finance can be just as effective.
Working with a trusted financial advisor to create a holistic financial plan is an important step. The right advisor will involve both partners when appropriate and will avoid defaulting to outdated gender norms—such as directing questions to one partner while dismissing the other. For mothers, a robust plan should include how wealth will transfer to the next generation and how to prepare children to manage an inheritance responsibly.
Start building a financial plan today
Whether you hire an advisor or build your plan yourself, start now. If you have a partner, begin with a clear conversation about money: express your wish to be more involved or to stay informed. Even if you prefer your partner to handle day-to-day decisions, being informed about the full financial picture is essential—unexpected events can leave anyone unprepared.
Make the discussion routine. Schedule regular financial reviews, at least annually, and meet with your advisor around major life changes like buying property or selling a business. If you don’t yet have a will and estate plan, make it a priority—these elements are core to a comprehensive strategy.
Yes, building a financial plan takes time: gathering documents, defining goals, aligning finances with values and mapping a path forward. But taking action now reduces future worry, frees mental bandwidth and lets you focus more fully on your career and leadership ambitions. In short, owning your financial life supports everything else you’re working to achieve.
More about women and money:
- 5 great personal finance books by women
- Video: How do we close the gender wealth gap?
- Taking control of your finances with confidence
- Jessica Moorhouse on asking for a raise and what she’d do if money were no object
- The Pink Tax author Janine Rogan on how she stopped impulse buying and started building wealth