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Today, women find themselves in a pivotal moment, with more money and influence than ever. Women are a cornerstone of Canada’s economic future. They currently make up 48% of the paid workforce, and will control $4 trillion in assets by 2028.
But there are challenges to overcome.
A wage gap still exists: Canadian women are paid less than men, and they retire 30% less wealthy.
A health gap also exists: women are nearly two times more likely to experience adverse drug reactions. And they are diagnosed an average of two years later than men for the same diseases.
Every person's journey to wealth, health, and well-being is unique. Many factors, including gender, race and age, can impact and shape the trajectory of our lives.
The good news is that positive changes create a ripple effect. For example: women with savings see a variety of positive long-term outcomes, including better emotional well-being and health behaviours.
It’s time to build a brighter future.
“We're committed to empowering women to make positive wealth and health decisions. Together, we can build the foundations for a healthy and financially secure future for everyone.”
Jessica Tan, President, Sun Life Canada
Our commitment to women: Access. Activate. Advocate.
When it comes to women’s health and financial security, the need for action is clear.
At Sun Life, we are committed to driving meaningful change through:
1. Access
Access to Sun Life health, wealth and insurance products and services that have the power to advance women’s health and financial security.
- Only 15-20% of Canadian advisors are women. At Sun Life, women make up 37% of our advisors, offering Clients more choice.
2. Activate
Activating our Clients and Plan Members with information and guidance.
- Sun Life was the first to sign onto the Menopause Works HereTM program because we know it’s essential to focus on women’s health in the workplace.
3. Advocate
Advocating for the future we want to live and work in by addressing the root causes of health and financial barriers faced by women.
- We’re partnering with the Women’s Health Collective Canada (WHCC) to advance research and care.
5 vital facts about women’s health & wealth
Canadian women retire with 30% less wealth than men.
This is due to the pay gap, career interruptions, caregiving responsibilities and health issues, among other factors.
Source: Mercer Canada
40% of working women made career-limiting decisions.
The primary reasons? Managing health-related concerns and caring for their family.
Source: Sun Life / Ipsos Omnibus Survey
Canadian women are still paid significantly less than men.
On average, women earn 83 cents on the dollar.
Source: OECD
Women's health research is underfunded in Canada — and beyond.
One example: women experience nearly two times as many adverse drug reactions.
Source: National Library of Medicine
Group benefit plans could provide more tailored support to women.
In a recent survey, one third of women said their group benefits plan didn’t meet their needs.
Source: Sun Life
What actions can you take?
Expect the unexpected
Major life moments like death or divorce may come as a surprise. But you can take proactive steps to stabilize your financial future.
Explore your insurance options
Insurance provides peace of mind for you and your loved ones. And it helps protect your finances, too.
Keep your health in mind
For easy access to your closest (and most convenient) local resources, try our healthcare provider search and women’s health resources.
How to build healthy money habits
Why do so many of us struggle with saving, spending, or even logging into our banking app? The truth is that our relationship with money is a lifelong journey: it often begins long before we open our first account.
Chantel Chapman, financial educator and CEO/co-founder of The Trauma of Money Institute, says many of our money behaviours are shaped by past experiences – both personal and society-wide.
“If you’ve ever felt unworthy, unsafe, or experienced a lack of control, it’s going to show up in how you interact with money. And that goes for all of us,” says Chapman.
She emphasizes that it’s not about doing things right (or wrong). It’s about understanding the origins of your beliefs and actions. This understanding empowers you to move forward with confidence, clarity, and self-compassion.
The first step?
Research & tips for employers
Are you ready to move the needle in your workplace? Here are some resources to support you.
How we feel about our financial future
New research shows that while and men share many goals, women often experience greater financial uncertainty due to caregiving responsibilities, wage gaps, and longer life expectancies.
How HR leaders can support women’s health at work
Women make up 48% of Canada’s workforce. Supporting their health is key to retaining top talent, boosting productivity, and reducing costs. As an employer, here are actions you can take.*
* Building a business case for women’s health: We heard from employers that they’d like help in making the case for new initiatives. So we created a how-to for business cases to support HR leaders in getting buy-in from the C-suite. In 2025, we’re also expanding the toolkit to include additional resources, like videos.
Women's health opportunities
A third of women reported that their group benefits do not match their needs, compared to just 17% of men. How does this impact women’s well-being, productivity, and quality of life?
Women’s health in the workplace
3 out of 4 women will experience menopausal symptoms that disrupt their daily lives, and 40% of women’s long-term disability claims are from mental health disorders. Find out more in our 2024 Bright Paper report.
How employers can expand awareness and support
Employers can take action to increase awareness of women’s health and better support the women in the workplace. Find out more in our 2023 Bright Paper report.
Women advisors and investors
Sun Life Global Investments' 2023 report found that many investors want to work with women advisors, but women account for only 15-20% of financial advisors.
This hub is meant to provide general information only. It’s not professional medical advice, or a substitute for that advice. Sun Life Assurance Company of Canada does not provide legal, accounting, taxation, or other professional advice. Please seek advice from a qualified professional, including a thorough examination of your specific legal, accounting and tax situation.