How Debt Affects Professional Women in Canada

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How Debt Affects Professional Women in Canada

As a professional working woman, you are very well aware of the gender wage gap. Men get paid twice as much as women do. Furthermore, women are also under constant pressure to compete with their male counterparts at work, to receive praise and appreciation from their supervisors.

While this is not always the case, it is true that there is a wage gap between both sexes at work. According to a study published by Canadian Women, Canada ranks seventh in the gender wage gap.

Unfortunately, this is also true for students.  Women are less likely to get married if they are in debt. This is not the case for men because their chances do not get affected.

So, the million dollar question is…

How Do Professional Women get affected by Debt?

The answer is a simple one. Since the wage gap is as wide as the sky, women are more likely to be in debt. While this may be different for married women, it is a major problem for those who are single or lone parents.

Taking care of their children, doing household chores and working can place a triple burden on them.

However, many of them are expected to work as part of their responsibilities without earning an above-average income.

The more stressful part is the negative emotional effects it can have on women. Not only are females likely to be in debt, in order to qualify for better positions and improve their skills, they aim for higher prospects through education. Getting into better universities or graduating with a solid GPA means taking more student loans to increase their chances of better job prospects.

A degree that is widely recognized increases their chances of landing high paying jobs. Unfortunately, it also means expensive tuition and more student loans.

In recent years, issues of gender wage gap have been highlighted several times in the media. Since women are likely to be in more debt, they are also likely to suffer from major depression and emotional breakdowns more than men. This hinders growth in their work environment, affecting the flow of daily operations.

When debt accumulates, it becomes tough for working women to manage, especially if they are lone parents. They are also likely to take part-times jobs because of household responsibilities. This further leads them into debt.

Since majority of women are less likely to make as much as their male counterparts, they are unable to repay their loans earlier than men are.

Therefore, a consumer proposal is the best option for working women. Visit EmpireOne for a quick assessment or to learn more about credit counselling and consolidation in Toronto.