Why having a strong support network is so important
International Women’s Day is a global movement that recognizes the social, economic, cultural and political achievements of women.
This year’s theme, ‘Inspire Inclusion’, serves as a reminder that when women support other women, they create a collective power that helps overcome barriers and drive inclusion.
Because when we lift each other up, we inspire change and pave the way forward for a more inclusive and equitable future.
Why a support network is so important for women
Having a trusted support network with strong relationships you can count on isn’t just good for our practical needs, it’s vital for our mental health. Benefits include improved wellbeing, better coping skills and a longer, happier life. It’s also been shown to reduce depression and anxiety, and reduce stress.
Surrounding yourself with others who are experiencing many of the same life issues and challenges can also offer valuable insight. That’s particularly true for women, who often face common challenges in life, health and wealth – and who may have a less traditional support network around them as they age.
Women face unique challenges
In 2022, there were 1.59 million widowed women and about 472,170 widowed men living in Canada. [1]
Many women spend much of their later years without their partner.
Some widows may feel both the burden of loss and potential financial stress, due to having been left out of conversations around wealth management before this period.
2/3 of the care provided to older adults is done by women. [2]
More women take on a caregiver role, often while still raising children.
Although some families share the responsibility of caregiving, the onus is often on women.
Average woman spends 44% of her adult life out of the workforce, compared to 28% for men.[3]
Women spend more time out of the workforce to care for children, parents and sometimes spouses.
These gaps can mean lost wages, lower retirement savings and smaller pensions – and lead to stress, depression and anxiety.
70% of Alzheimer’s sufferers are women. [4]
Women are at greater risk for health concerns.
While women on average live longer than men, chronic health issues can directly impact wealth planning in later years.
How to build a diverse support network
Create a support network made up of diverse people, consisting of trusted allies, mentors, professionals and other women who share similar experiences and goals. Surround yourself with people who genuinely care about your well being and who can offer different perspectives, encouragement and practical resources.
Get started
Different people offer unique perspectives, expertise and types of support. Start by identifying your needs, reach out to family, friends and existing contacts, join groups or organizations and be open to new connections.
Building a support network takes time and effort – but the relationships you cultivate can be incredibly rewarding and beneficial in the long run.
Women and wealth
Explore personalized advice, designed for women investors. Read more.
[1] Number of widowed people in Canada by gender 2022 | Statista
[2] Family Caregiver Alliance, Facts and Figures, 2015
[3] Age Wave estimate, U.S. Bureau of Labor Statistics
[4] Women’s Brain Health Initiative