Empowering Women in Finance: Overcoming Stereotypes and Creating Communities

Lesley-Anne Scorgie, the founder of MeVest—a financial education company—recently met with a highly recommended investment advisor alongside one of her clients, who was also female. At the conclusion of their meeting, the advisor enthusiastically remarked, “Go girls! You go!” Ms. Scorgie recalls this moment as an example of how men in the finance industry often speak down to women, implying that they are less capable of managing their finances. “It was incredibly uncomfortable for both my client and me,” she shared.

For many women, the financial advice landscape still feels patronizing and predominantly male-oriented. In response to this, a new wave of personal finance experts has emerged on social media, providing accessible financial information in a supportive manner. These experts aim to empower women, helping them gain the confidence to discuss and manage their money.

“As the banking industry becomes more aware of the wealth being transferred to women, there seems to be a significant and somewhat awkward shift. Many are uncertain of how to navigate this change,” explains Ms. Scorgie, who is based in Toronto. She finds the surge of women-focused content on social media, including investment apps and educational websites, to be particularly inspiring.

With over 8,600 followers on Instagram, Ms. Scorgie simplifies financial topics into digestible content. “I strive to incorporate education, empowerment, and actionable steps in my posts,” she states. “Women can often apply the knowledge they gain right away.”

Melissa Leong, one of Ms. Scorgie’s favorite financial influencers, emphasizes the importance of offering her audience actionable and practical advice, paired with authenticity and empowerment. She notes the increased discussions surrounding how women’s financial situations differ from men’s and how systemic issues—such as the wage gap—impact their long-term financial health. This dialogue has fostered online communities where women can find support and share experiences.

“Historically, financial guidelines and advice have been rather uniform, often excluding diverse perspectives, especially those of women and racialized individuals,” explains Ms. Leong, who frequently shares financial insights on the television show The Social. She points out that traditional retirement calculators overlook significant factors like the time women often take away from work for child-rearing, and savings benchmarks fail to consider the pay gap.

Marissa Epp began sharing financial information via social media about eight years ago, realizing a gap between what people should know and the financial reality many face. Based in Rosthern, Saskatchewan, she provides finance and insurance content tailored specifically for rural women, blending her expertise with posts about horseback riding, ranching, and family life.

“Social media has expanded my client base by allowing potential clients to see my personality and values,” Ms. Epp explains. “It enables people to get familiar with me without the pressure of cold outreach.” Her posts primarily target women in their thirties to fifties, who are best reached through Facebook, although she also engages with audiences on Instagram. “Trust is built through community,” she asserts, noting that Facebook helps users identify credible sources of information.

While many financial influencers target younger audiences on platforms like TikTok, Ms. Epp remains focused on an older demographic. However, she stresses the importance of verifying the credibility of the content they consume.

Julia Chung, a certified financial planner based in South Surrey, B.C., and CEO of Spring Plans, shares similar concerns. She warns that financial advice online is often fraught with scams and misinformation. “Much of the financial content on social media is produced by individuals without formal financial education or oversight,” she states. “It’s essential to question the credentials of those claiming expertise.”

Ms. Chung also highlights the risks associated with multi-level marketing schemes that masquerade as personal finance content, particularly targeting vulnerable groups such as immigrants, people with disabilities, and women. “These narratives can exploit existing insecurities, perpetuating stereotypes about women’s financial acumen,” she notes. She believes that while women may lack confidence in their financial decision-making, they possess a solid understanding of financial concepts.

“Women may doubt their financial instincts, but that doesn’t imply a lack of financial literacy,” she concludes.

Women to Follow in Finance

The following financial influencers have been recommended by experts we interviewed:

• Lesley-Anne Scorgie: Jessica Moorhouse, Michelle Robertson (ms.moneyandmath), the.canadian.budgeter, Janine Rogan, mixedupmoney, Melissa Leong (lisleong)
• Melissa Leong: Bridget Casey (@moneyaftergrad), Desirae Odjick (@half_banked), Tori Dunlap (herfirst100K), Bola Sokunbi (Clever Girl Finance), Erin Lowry (Broke Millennial), Farnoosh Torabi, Tiffany Aliche (The Budgetnista), Tonya Rapley (My Fab Finance), Berna Anat (Hey Berna)
• Julia Chung: Kerry K. Taylor (@squawkfox), Elizabeth Naumovski (@EmpoweredwithElizabeth on YouTube), Kelley Keehn (@kelleykeehnbiz), Shannon Lee Simmons (@shanleesimmons)

If you are a young Canadian looking to enhance your financial knowledge, consider tuning into our award-winning podcast, Stress Test, for guidance on achieving financial success and avoiding pitfalls.