Power to the people
April 6th, 2020
Ever wonder if you know all you need to know about money?
This is a question one of our Senior VPs at EQ Bank pondered, when she realized she allowed her husband to manage her personal finances—which led to more questions: Why wasn’t she taking the lead in her own financial planning? Were most women she knew avoiding or deferring their money responsibilities?
So she spoke to other women at EQ Bank, and it turned out that most of them assumed that men simply had more financial knowledge. Our SVP wanted to validate this assumption, and so we set out on a mission.
We distributed a financial literacy quiz among women at EQ Bank, as well as among the general public, and the results were unexpected: 61% of women aced the test—financial acumen abounds! But when asked how confident they feel in that acumen, the underestimation of themselves was strong: a whopping 70% felt their confidence was low.
As Canada’s Challenger Bank™, that didn’t sit right. Shouldn’t the onus be on us to empower people to take control of their own money matters? And as customers, we know you want more from us than just a great interest rate—you value ongoing education, so we set out on a mission to close that glaring confidence gap.
You’ve got the power
Enter stnce (pronounced “stance”—yes, that’s a lower-case “s” and no “a”), a financial empowerment initiative powered by us, EQ Bank. Launched in November 2017, stnce created open and informative forums for women to come together both online and in-person to learn from each other.
Today, we’re still doing that, and then some—from speaking opportunities at conferences, to partnerships with fintechs and financial publications, to events and meet-ups, and more—we’re out to inspire everyone (all genders welcome!) to take ownership of their finances.
As you browse stnce’s website, you’ll find a hub full of (not boring) financial education and tools, like articles, expert Q&As, guides, and a glossary to help you get more out of your money. You’ll find discussions on the differences between the RRSP and TFSA to interviews with heavyweights like R&B star Jully Black and Olympic athlete Alisha Tatham. There’s even some real talk about the not-so-talked-about: think pre-nups, money and mental health, how to get out of a financially-dependent relationship, and how to talk to kids about money.
It’s pretty cool that what started as mere curiosity within the ranks of EQ Bank has grown into a nationwide grassroots financial empowerment movement.
The more you know
Hey, no one is born knowing everything there is to know about money. And no matter what level of money expertise you’ve reached, financial education is a lifelong journey. The more self-reliant, self-assured, and well-informed we all are when it comes to our financial affairs, the more we all benefit.
If you sign up for the stnce monthly newsletter, you’ll be kept in the financial know with all sorts of member-exclusive perks, like free budgeting tools, advance notice of events, and more.
At three years of age, stnce is just getting started—and our story is only going to get more exciting. We hope you join along in the adventure.