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Here’s how Canadian women over 45 feel about retirement savings

Feb 21, 2020

For the majority of women, rising healthcare costs as they get older is the main concern

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Here’s how Canadian women over 45 feel about retirement savings. Source: shutterstock.com

According to the RBC survey, 7 out of 10 Canadian women over 45 are confident they will afford the lifestyle they want to live through retirement.

The study unveiled that a reliable level of financial awareness and independent oversight of their savings are strengthening their confidence. For example,? 84% of women who are married or living with a partner believe they have a strong understanding of their and their spouse’s financial needs in retirement. Meanwhile, only 34% of the respondents say their spouse/partner looks after their retirement savings.

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. 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
Selene Soo, Director, Wealth Insurance, RBC Insurance

For the majority of women, confidence stems from relying mostly on their own devices, according to the survey. At the same time, only 9% of Canadian women are citing spousal payments, whereas 4% of them count on children or family to take care of them. Only 2% of women plan to live with friends to decrease their financial burden.

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