Men are more likely to be satisfied with their retirement savings
We asked respondents how satisfied they are, and 33% said either “very satisfied” or “somewhat satisfied.” Not a bad number, given the capital market volatility we’ve seen in recent years. Men appear in better shape, however, with 38% saying they were “very” or “somewhat” satisfied. Among women, the total is 29%. Almost half of women (47%) are “very dissatisfied” or “somewhat dissatisfied” with their savings. By comparison, just 36% of men said the same.
More than a third of women expect to be working part-time at 66
While men and women expect to work past 65 in roughly equal numbers, women are more likely to be planning on part-time work while men are more likely to keep working full-time. We asked respondents what they thought they’d be doing at 66; 34% of women said “working part-time” (versus 29% of men) and 31% of men said “working full-time” (versus 21% of women).
Men are much more likely to work past 65 by choice
Among those who expect to be working at 66, 42% of men said they’ll do so “because they want to” (versus 31% of women). Almost seven in 10 women expect to be working at 66 “because they need to.”
More men pay themselves first
It’s one of the principles of personal finance — put a sum of money aside in savings each month before paying your living expenses and making discretionary purchases. About three in 10 (29%) men said they do it every month, while 23% of women said the same. One third of men and women do it sometimes. And 41% of women said they never do it (versus 34% of men).
Saving for retirement is a top priority among many more men
We asked respondents to name their top financial priority. Among men, 27% said it was “saving for retirement.” Just 19% of women said the same. In both cases, the highest percentage said their No. 1 priority is to “pay down personal loan(s) or other debt(s).”
Men are more likely to be confident about their understanding of financial matters
Well over half (56%) of men answered yes to our question: “Do you feel you have the financial knowledge to be able to make a plan for your retirement?” Among women, 48% said yes.
Yet men are less likely to worry about dying in debt
Surprisingly, 27% of Canadians said “no, it does not matter if I die in debt.” The gender split adds to our understanding: 35% of men aren’t worried about debt in the afterlife, while just 20% of women said the same.
That last item aside, it’s hard to look at these numbers and not feel it supports an argument that too many Canadian women are at a disadvantage economically (relative to men at least).
You can read this article and others in Sun Life Financial’s Understanding Unretirement