A new report has found women are becoming a more influential force in the Canadian economy by controlling a rising amount of wealth.
The CIBC report found women aged 25 and older, accounted for 52 per cent of growth in full-time positions since 2008.
“Currently women control around 30 per cent of Canada’s wealth, and as we see those labour markets gain continue and the population age, that will increase to over one third by 2028,” said Katherine Judge, one of the authors in the CIBC report.
It also found women over the age of 55 have seen labour market participation rates rtise by almost twice the amount of men.
“Women have made a lot of labour market gains since the recession,” Judge added. “Participation rates have risen, unemployment rate for women is at a decade-low. And females have accounted for over 50 per cent of full-time employment gains. They’re also increasing their employment in higher paying roles.”
The data also suggests one of the reasons why women are gaining more economic clout is the fact they still outlive men.
Women currently control about $2.2 trillion in assets and that number will jump to almost $4 trillion by 2029, Judge added.