Taking control of your finances with confidence

How would you rate your level of financial confidence? Not a question that typically comes up over Sunday brunch, but one discussed frequently at stnce, an online resource for women.

It is estimated 90% of women will be the sole financial decision maker in their family at some point in the future, but only 30% of women are confident about their finances. These discoveries steered what originally started as a financial literacy project onto a different path; one that set out to address, and ultimately close, the confidence gap in personal finance.

“Financial confidence is important because once you become confident in one thing, it opens doors for you to become confident in others,” said Kim Kukulowicz, founder of stnce, which is provided by EQ Bank. “It motivates you to talk to your friends and colleagues. It inspires you to teach your children. You’re more willing to grow and take on new challenges once you’ve accomplished something and pushed yourself further than you thought you could go.”

stnce’s mission is to inspire women to confidently take ownership of their finances, through open and informative conversations. The program officially launched in November of 2017, and has grown exponentially since then.

Kukulowicz shares an all-too-familiar story as one of the main drivers of the program. “My husband came home one night to see my investment statement lying on the kitchen table. He asked me if I had any questions about my investments. I answered with a quick no—my husband is my financial advisor. I trust him to put my money in the right products. His answer to me was ‘That’s not good enough, Kim.’ It was a huge wake-up call for me.”

Following this experience, Kukulowicz opened the conversation with her colleagues at the online EQ Bank and noticed a trend. These intelligent, well-educated, professional women in the banking industry were deferring financial ownership to their spouses. And this trend stretches beyond the financial industry. Women from all walks of life, in all different professions from self-employed to CEO, have admitted to lower financial confidence.

At the heart of stnce is stnce.ca, the financial resource hub where their educational and inspirational articles reside. Findings show that many women are intimidated when it comes to asking questions about finance. EQ Bank wanted to make stnce a safe space where financial resources can be made available at the click of a mouse.

Growing the community is the main focus of Sarah Zandbergen, Senior Program Specialist for stnce. “I am beyond proud to work at a bank that supports something so important. Our President and CEO, Andrew Moor, has given stnce his full support for growing the community and making it a company priority. This is the kind of initiative that really does make us Canada’s Challenger Bank.”

Expanding on what it means to be a Challenger Bank, Zandbergen has this to say: “Being a Challenger Bank isn’t about who we’re challenging, rather what we’re challenging. It’s about challenging traditional thinking, challenging the status quo.” EQ Bank prides itself on seeing gaps where others may not, and using that information to create real solutions for Canadians.

One such solution? EQ Bank’s Personal Account, a no-fee account with a 2.50%. Get 1.50% additional bonus interest when you direct deposit your pay. everyday interest rate¹, no minimum balance, and unlimited transactions and Interac e-Transfers make it a no-brainer for anyone trying to grow their savings. Another goal of Canada’s Challenger Bank is to make it a one-stop shop for Canadian consumers. The branchless, no-strings-attached approach has proven successful for EQ Bank, which has grown beyond original projections in just three short years. EQ Bank is one of the first banks in Canada to be born in the mobile world, and in 2019, this is an incredible advantage for Canadian consumers. stnce is positioning itself to be a solutions-focused program. “Confidence is very foundational for us, but we need to offer something tangible as well,” says Zandbergen. “I’m working to intentionally grow our community so we can continue to offer that tangible benefit. Offering realistic banking solutions is just one way we can do that.”

Among stnce’s offerings are an “Ask an Expert” column, regular content from financial experts, op-eds focusing on career, confidence, and finance, book and podcast recommendations, and events to bring the community together. Resource sharing is an important focus for stnce in order to give Canadian women access to expertise, advice, inspiration and support. “Something that strikes me is the hesitation I see in women to discuss finances with their partners, especially married couples,” says Zandbergen. “It can be difficult to bring up, no question, but if you’re sharing your life with someone, finances are bound to come up. I’m a big believer in fairness, but there also needs to be clarity. There is absolutely no excuse to defer ownership to someone else.”

Let’s open the conversation. Sign up to unlock member-only content at stnce.ca.

¹Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.