Women taking control of personal finances

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Beneva is taking a keen interest in the insurance needs of mature female clients, and is supporting women of all ages through health and female empowerment

MEN AND WOMEN both need financial advice – but women often face different financial realities because of pay inequity, and need a different approach to their financial lives. But why is it important for women to take charge? “So you have more control over what happens to your money,” said Jeny Yeung, senior director of business development insurance for Beneva. The Quebec-based firm was officially formed through the merger of La Capitale and SSQ. The company has more than 3.5 million members and customers, with more than 5,000 employees. While equality is always the goal, men and women do see and process the world differently. And, when it comes to matters like pay equity, a woman’s reality is often, sadly, different from that of her male counterparts. “Due to income disparity between men and women, different decisions have to be made,” said Yeung.

Created by the coming together of La Capitale and SSQ Insurance, Beneva is the largest insurance mutual in Canada, with more than 3.5 million members and clients. Beneva employs over 5,000 dedicated employees – people looking out for people. Its human approach is rooted in mutualist values that are shared by its employees. With $26.8 billion in assets, Beneva positions itself as a major player in the insurance and financial services industry.

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“Due to income disparity between men and women, different decisions have to be made”

Jeny Yeung, Beneva Insurance

“Or do you need both?” wondered Yeung. “Personally, it makes sense to find an advisor you trust, you can open up to and be honest with about your financial situation and what your goals are.” No matter what, the person should be a good listener, she stressed, and provide you with the information and guidance you need based on your situation. “Being able to feel comfortable and have your advisor feel you are understood makes a world of difference,” Yeung said. Women tend to live longer than men (women live, on average, to age 84 in Canada, while men live to 80, as of 2022.) But women are also more likely than men to take parental leave after the birth of a child. But that does not paint the whole picture of how women should adapt their finances. For Yeung, some of it has to do with their relationship situations. For example, she has a friend who has a separate financial planner from her husband. “She doesn’t dabble in his investing, and he does the same,” she explained. However, “when it comes to household things, they have a joint account.” It all comes down to “adaptability,” she said, “understanding not each woman in a relationship will have the same financial situation.” Where generations of women before were expected to get married and have children, a life of work outside of the home not being a realistic choice, more women are now choosing not to have children. Statistics Canada data shows that Canada’s fertility rate hit a record low in 2020, and that there has been a noticeable downward trend in the fertility rate since 2009. “Still, some women may stop or slow down along their career journey. They may pass up a potential promotion to stay home with the children until they get older,” said Yeung. When it comes to financial goals, men and women may well have the same finish line in the distance – buying a car/home, saving for retirement or a vacation – but “the path to get there may be different for women,” said Yeung. “How women communicate on what they want may be different. How they view and manage money may also be different.”

With this built-in imbalance from the start, financial challenges will be different between men and women. So what should women look for in an advisor? And why are these features particularly important? For Yeung, there is no easy answer, and it is often case-by-case. Personality-wise, it can mean finding an advisor who is your polar opposite. It can mean finding someone who can guide you along in your decisions or can give you firm advice.

So how does Beneva encourage women to seek financial advice, and how does it approach its female clients differently? “Beneva positioned themselves in pricing for the female marketing segment extremely competitively,” said Yeung. “Women tend to live longer than men, and Beneva’s positioning for older female ages has always been a hidden gem. We know that, as we age, insurance gets more expensive. But we have found our niche with the female market, and it is slowly gaining traction.”

“It’s not about men versus women; it’s understanding women do things differently. And having that understanding is key”

JENY YEUNG, BENEVA INSURANCE

“It’s not about men versus women; it’s understanding women do things differently. And having that understanding is key,” said Yeung. Yeung was also quick to point out that finances are not just about saving money. Women are continuing to expand their influence in the workforce, and their income levels are rising. The hourly wage gap has narrowed six percentage points since 1998 in Ontario, for example.

“We need to understand that having an advisor isn’t just about planning to save for your next house or your next big trip,” Yeung cautioned. “It’s a full, comprehensive conversation. It can be uncomfortable because the conversation would move toward budgeting, life insurance, critical illness. And if it is not something you grew up discussing, or being exposed to in your household, it will be a rough journey.” She herself has seen “so many situations” where women never had these types of conversations, or even observed them, with their parents. “I would like to think each generation has been doing a better job than my parents with me,” she said. Beneva also supports the FitSpirit Wellness Program for girls, which encourages teenage girls to be physically active throughout their lives because healthy life habits encourage other positive life habits. Beneva has also hosted national webinars on women supporting women.

Insurance agent doing consultations with a female client

Understanding the complexity of the customer

Beneva seeks out female customers

Beneva seeks outs female customers

Published 06 Nov 2023

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Poll: Female finance confidence

Loans Canada, Canada’s first online loan comparison platform, unveiled a survey to mark International Women’s Day this past March. They spoke to 2,373 Canadians about financial confidence via an email survey.

20% of respondents said that they trusted their female partner with the monthly budget. In comparison, only 11% relied on a male partner

84% of women are self-reliant budgeters

77% of men relied on someone other than themselves for budgeting

70% of women self-report confidence in their financial decision-making ability

74% of men self-report confidence in their financial decision-making ability

The survey found that mothers tended to be the most trusted parent regarding finances. Women reported owning fewer stocks, mutual funds and exchange-traded funds (ETFs) than men; however, when women do own stocks, mutual funds, and ETFs, their financial confidence level rises to 81%, compared to 79% for men.

Source: Loans Canada

Jeny Yeung, Beneva Insurance

Source: Ipsos/BMO

87% of women reported having a fear of unknown expenses, while 63% said keeping up with monthly bills causes them anxiety

74% of women said that they feel in control of their finances, compared to 84% of men

78% of women expressed a desire for greater access to financial literacy resources, with 73% reporting they do not have a financial plan in place, compared to 64% for men

52% of women reported feeling confident about being able to retire at their target age, compared to 68% of men

In a poll commissioned by BMO for their annual Real Financial Progress Index, Ipsos conducted a poll of 3,401 adult Canadians in January and February of 2023 about financial confidence.

A look at financial confidence

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