The majority (seven in 10) of Canadian women age 45 and older said they feel confident they’ll be able to afford the lifestyle they want in retirement, according to a new survey by RBC Insurance.
This is a significant shift from five years ago, when another RBC survey found 75 per cent of Canadian women didn’t have a retirement savings goal compared with 62 per cent of men.
“Last year, we learned that women were feeling generally confident about their finances for retirement and we wanted to dig a little deeper to understand the reasons why,” said Selene Soo, director of wealth insurance for RBC Insurance, in a press release.“Women seem to be playing a more active role in managing their finances and understanding their retirement needs, leading to them feeling more prepared and in charge of their financial future.”
Read: Women face gender gap in retirement planning, investing
Among survey respondents who feel confident about retirement, 55 per cent said they expect their retirement portfolios to carry them through their golden years, while 43 per cent said they’re counting on their workplace pension or employer matching program.
The vast majority (90 per cent) of the women surveyed are taking matters into their own hands, with 60 per cent putting money into registered retired savings plan and tax-free savings accounts.
Other strategies for retirement planning include: working with a financial advisor/planner (37 per cent); cutting down on non-essentials (29 per cent); buying stocks, bonds or mutual funds (27 per cent); delaying retirement (23 per cent); living below their means (21 per cent); investing in segregated funds/other products to protect against market volatility (14 per cent); and investing in payout annuities/other products that provide a guaranteed income (eight per cent).