You only need to take a quick look at personal finance groups on Facebook to see testimonials from women who can no longer make ends meet. They’ve lost as much fat as possible, they swear, but because of the kids and inflation, their monthly budget is in deficit.
Published at 2:55 am. Updated at 6:30 a.m.
Often these mothers have recently separated, sometimes they are too sick or too busy caring for their children to work full time. The reasons for their financial strain vary, but the stories are always unfortunate.
It is touching that many women show solidarity and empathy. “I understand you, I went through that too after my breakup, but you’ll see, everything will work out,” they inevitably say. This is the sweet side of social media. We’re also happy to give you lots of tips and advice on how to reduce your bills and increase your income. “Have you thought about going back to school?” », “Don’t forget that family allowances are increasing!” »
Knowing that 46% of working women in Quebec have an annual income of less than $30,000, we shouldn’t be surprised by their financial insecurity. Your balance can shift quickly.
It must also be said that in 77% of single-parent families the parent… is a woman and that this woman earns on average $1,091 per week, which is significantly less than men ($1,514) in the same situation .
This isn’t to say that men never get into financial trouble. However, it is clear that certain factors particularly impact women’s financial health.
In addition, last Monday the Nobel Prize in Economic Sciences was awarded to Claudia Goldin, a 77-year-old American economist who has dedicated her career to addressing persistent gender pay inequality. According to the jury, his work, worthy of a detective, led to the conclusion that most of the gap occurred at the birth of the first child.
What is Lise Watier doing in all these stories?
I contacted her to talk about women’s financial autonomy, an issue so close to her heart that she founded a foundation as its raison d’être. “It’s important! Without financial independence you have no freedom of choice, which means you have to accept the unacceptable,” she told me during a friendly virtual meeting.
In order to “give fishing lines instead of fish,” his foundation created the “S’Entreprendre” program accompanies the Women in three ways.
The most popular route offers training and even microloans for starting a business. The second provides financial support to go back to school and obtain a degree in a reasonable amount of time, which is not easy when you also have children to care for and work to do. The third way revolves around finding a better job.
In all cases, the cohort initially takes part in eight-week workshops to develop their professional potential and self-confidence and discover their possibilities. This part makes the difference. It must be said that we still lack models to convince us of our possibilities. Only 5% of publicly traded Canadian companies are led by a woman. According to the Financial Markets Authority, 27% of administrative positions are held by women.
Next spring, at the end of this school year, s’Entreprendre will have helped 1,000 women with its program adapted to the reality of women, both in content and in the way of teaching. One of them particularly impressed Lise Watier. “She has raised six children and is now financially independent. She even employs two of her autistic children. After completing her studies, she bought a farm. »
This woman is Dominique Nadeau. The 48-year-old entrepreneur is clear: “Everything” has changed in her life thanks to the Lise Watier Foundation program that she discovered while Googling. After being a “housewife of six children” for 20 years and living off her partner’s salary, she wanted “the pride” of earning an income. Mission accomplished. His herbal tea company, Les Fées Sorcières, allows him to earn a living and employ three other people.
The reason it worked is because the business plan she created during her training really took her reality as a mother into account.
PHOTO PROVIDED BY DOMINIQUE NADEAU
Dominique Nadeau, graduate of s’Entreprendre and owner of the company Les Fées Sorcières
As a woman you have to juggle several balls. The mental strain is great. My previous plan, which didn’t work, didn’t plan for my children’s placement. You have to be there for dinner and homework. You can’t just start a business and say you’re going to work 90 hours a week.
Dominique Nadeau, graduate of s’Entreprendre and owner of the company Les Fées Sorcières
Other women need a financial boost to return to school and improve their situation. Sometimes a few thousand dollars is enough to… change two lives. Marie-Lise Andrade, managing director of the foundation and daughter of Lise Watier, told me the story of a mother who experienced the streets and wanted to get out. With financial support from the foundation, she completed her high school diploma. After completing her master’s degree, she won two scholarships for her doctorate. And now she teaches alongside her studies at the University of Sherbrooke. “We also helped this woman and her daughter…” she rightly says.
At a time when financial stress is reaching unprecedented levels in many households, it is good to know that there are lifelines and a network of women ready to help others with a long-term vision.