Myth: If I get married, I won't have to worry about money.

Reality Check: Only one in five families now matches the traditional model of dad working, mom-at-home-full-time. In fact, both parents work in 80% of two-parent families in Canada, while 55% of all working women provide half or more of the family income. Sometimes a two-income household's cash flow is reduced by choice - for example, if the woman takes time off to have children, or one parent decides to stay at home full or part-time. Other times, it is reduced unexpectedly through a job loss, or divorce. Women need to be involved in family finances!

Myth: There's no point in getting a university or college education - in today's tough job market, it won't guarantee me a job, let alone a decent income.

Reality Check: There are no guarantees in today's world, there's no question that the more education or training you have, the better your chances of success. According to figures from Statistics Canada, a person with only some high school earns an average of just $18,639 per year; one with a high school diploma earns an average of $22,846 annually; and a person with a university degree has an average annual income of $42,054.

Myth: No matter how hard a woman works, she'll never earn as much as men do.

Reality Check: It is true that, across the board, women working full-time still earn just 70 cents for every dollar that men do. However, that's in large part because a much larger percentage of women than men are in low-paying, low-skill jobs. In skilled jobs requiring higher levels of education and training, women are approaching wage parity with men. So, again, it pays to stay in school. Skill is everything!

Myth: Men are better at money management and business than women are.

Reality Check: Even as long ago as 1984, a study at the University of Western Ontario found that women were starting three times as many new owner/managed businesses as men, and that these had twice the survival rate. Today, women own and/or operate 30.3% of all firms in Canada, and these companies are creating jobs at four times the average rate.

Myth: I'm too young to worry about retirement - or saving for it - now. I have plenty of time!

Reality Check: Of course you're young, but putting money away while you're young means you can save a very small amount now and see some very big gains later. Starting now also means you'll be establishing a very good long-term habit. Statistics show that only 25% of all women over the age of 25 have a Registered Retirement Savings Plan, and that very few people contribute what they need for a secure retirement. The life expectancy for women is 81 years old, and right now in Canada, 40% of women over the age of 75 are poor.

Myth: Money management is too difficult and complicated. I'll just hire someone to do it for me.

Reality Check: Money management is not hard to learn. There are plenty of very accessible resources, from books to Internet sites to courses and seminars, that will give you financial literacy much more quickly and easily than you imagine. No one will ever look after your money with the same kind of care or vested interest that you will.

Money Smarts