The taboo of talking about money, according to one survey

Falling Canadian dollar coins or loonies are pictured in North Vancouver, B.C., Wednesday, May 29, 2019. (THE CANADIAN PRESS/Jonathan Hayward)

Most Canadians are comfortable talking about money with their close friends and family members, but, according to a recent survey, some find it awkward to discuss finances outside their inner circle and the issue is more prominent among women.

Intuit's 2024 Financial Literacy Survey suggests 27 per cent of women and 17 per cent of men are uneasy talking about money in social situations, with 22 per cent of all women stating they'd rather share details of their sex lives than their financial circumstances.

The survey suggests a financial confidence gender gap remains in place, with nearly a third of women (31 per cent) concerned that talking about finance would result in negative judgment regarding their intelligence.

There was also a disparity found in exposure to finances during grade and post-secondary school as fewer women (68 per cent) reported receiving financial education in school compared to men (73 per cent).

According to Intuit, open conversations about money are crucial for breaking down stigma. The survey found 55 per cent of women do want to improve their financial literacy and only 38 per cent of women have three months salary in savings.

Methodology

Intuit commissioned an online survey, completed in November 2024, of 2,600 consumers (adults aged 18+) throughout Canada. Three in 10 respondents (31 per cent) work full-time for a business with 100+ employees, while 13 per cent work full-time for a business with 10-99 employees. Less than five per cent work full-time for a business with 1-9 employees. The remaining respondents are engaged in freelance or volunteer work, studying as students or interns, or are retired. The survey sample is nearly two-thirds female (65 per cent) and one-third male (35 per cent), with Gen Z (ages 18-27) representing 14 per cent of the participants. To ensure the survey findings are as representative as possible, they have been re-weighted using post-stratification based on local census data. For clarity, percentages have been rounded to the nearest decimal place — so values shown in charts and graphics may not add up to 100 per cent. Responses to multiple choice survey questions are shown as a percentage of the number of respondents, not the total number of responses, so will always sum to more than 100 per cent. Respondents received remuneration.