Only 18% of female respondents said they take an active role in understanding their retirement investment plan, while 44% report confidence in decision making when it comes to financial planning and investment more broadly, according to BlackRock Canada research.

The firm has published gender findings from its annual Global Investor Pulse Survey to coincide with International Women’s Day on March 8.

Read: Women face gender pension gap

“With International Women’s Day, it’s incumbent on us to take stock of how Canadian women are faring with their finances,” said Karrie Van Belle, managing director of BlackRock Canada. “According to Statistics Canada, by 2014 women made up almost half the workforce and are typically in charge of household financing; however, there is still an alarming lack of confidence and knowledge when it comes to investing. This roadblock can have serious consequences.

“In fact, the survey revealed that of those who have started saving, men have saved nearly double what women have saved. While we are seeing a growing confidence with women as they age, it’s crucial that all women are encouraged to seek out the resources they need to take their financial future into their own hands.”

Read: Automatic savings improves retirement confidence

The research also found:

  • 67% of respondents aged 65-74 reported feeling confident in decision making.
  • 78% consider themselves a “saver” versus 22% who consider themselves an “investor.”
  • 63% of women said they are simply “not knowledgeable about investments.”
  • 37% turn to bank websites for guidance about long-term savings and investment decisions.

“Empowering women of all ages to be more engaged and involved in their financial futures is the first step to getting them off the bench and taking an active role early on, making sound investment contributions that will set them up for future financial wins,” said Van Belle.

Read: Mind the gap: Highlights of Benefits Canada’s retiree/pre-retiree research

Copyright © 2020 Transcontinental Media G.P. Originally published on benefitscanada.com