Women control family purse strings no matter who the breadwinner is: BMO survey

OTTAWA – A new survey suggests that women control the family purse strings no matter who the breadwinner is.

The Bank of Montreal says in a new report in advance of Mother’s Day that women are the chief financial officers of their households.

The bank study concludes that in 82 per cent of Canadian households, women are either the primary decision-maker or have equal responsibility for financial decisions.

And women now control approximately one-third of all wealth in North America, a number that appears to be increasing annually.

Still, the study says women remain on average less confident than men about finances.

They also tend to be less prepared for retirement due to a variety of factors, including lower earnings, intermittent work histories and longer life spans.