Just over half (52 per cent) of Canadian women say they feel financially confident about retiring at their target age, compared to 68 per cent of men, according to a new survey by the Bank of Montreal.
The survey, which polled more than 3,400 Canadian adults, found almost three-quarters (73 per cent) of women said they have no financial plan in place to reach their goals, compared to 64 per cent of men.
Among women who aren’t confident in their retirement plans, 32 per cent cited increasing savings as the No. 1 action required to retire on time, followed by investing (12 per cent), limiting spending (10 per cent) and earning more (nine per cent).
The majority (87 per cent) of female respondents reported having a fear of unknown expenses and 63 per cent said keeping up with monthly bills causes them anxiety. When asked whether they received family support and discussions around financial literacy, 61 per cent of women said they didn’t receive support, compared to 57 per cent of their male counterparts.
“As the cost of inflation and the financial impacts of the [coronavirus] pandemic have affected many women, it’s understandable that they’re feeling the need to rebuild their savings and feeling less confident about retiring at the age they had planned,” said Gayle Ramsay, head of everyday banking and customer growth at BMO, in a press release.