A third (33 per cent) of Canadian women aren’t confident they’ll be able to afford their desired lifestyle in retirement, according to a survey by RBC Insurance.
Women between the ages of 45 and 54 (38 per cent) were more likely to report this uncertainty than those aged 65 or older (22 per cent). Single women (36 per cent) were only slightly more likely than married women (34 per cent) to cite a lack of confidence in their ability to afford their lifestyle in retirement.
Despite this uncertainty, more than 90 per cent of women over age 45 said they have a strong grasp of their finances and how to manage them.
“Women have long been managers of day-to-day activities and spending in households across the country and we’re pleased to see this reflected in their confidence about household finances,” said Selene Soo, director of wealth insurance at RBC Insurance, in a press release. “There’s still some uncertainty around their ability to maintain the same lifestyle into the future, so looking critically at their financial needs and having a plan for all scenarios will go a long way to maintaining that confidence through retirement.”
Provincially, Quebec (71 per cent) had the largest portion of women confident they’ll be able to maintain their desired lifestyle in retirement, followed by women from Ontario (69 per cent). Women in Alberta and Atlantic Canada had the lowest confidence rates, at 59 per cent each.
Further, 24 per cent of women nationally said they wouldn’t be able to maintain their current household’s financial situation if their partner died.