In Canada, more men than women save and invest in RRSPs (63 per cent compared to 58 per cent), but more women than men save and invest in TFSAs (53 per cent compared to 48 per cent). On average, the amount of money in RRSPs held by men exceeds that for women by $12,000 ($79,663 compared to $67,518); men also have slightly more funds in their TFSAs ($8,730 compared $8,007). Men are less likely to worry about balancing savings for immediate needs versus putting money away for the longer term or retirement (73 per cent compared to 80 per cent). As a top financial priority, women focus more on making regular payments to reduce or eliminate debt (50 per cent compared to 47 per cent); for men, saving for retirement is more important (51 per cent compared to 46 per cent).
"The differing attitudes of women and men about savings and investments have a real impact on their financial futures – how women and men look at RRSPs and TFSAs is a good example," noted Jason Round, head, Financial Planning Support, RBC Financial Planning. "TFSAs offer the flexibility of ready access to your money without tax implications – something women are telling us they are particularly interested in – but you don’t receive the immediate tax relief that RRSPs offer. The advice of a financial planner or advisor can help you determine how to balance your more immediate financial needs with your longer-term savings goals."
The RBC poll also found that men and women differ in the types of RRSP investments they prefer. Men opt for mutual funds (56 per cent) more than women do (37 per cent); more women than men invest in GICs or term deposits (33 per cent compared to 24 per cent). The differences are even more striking when looking at stocks, with more than twice as many men making these investments compared to women (22 per cent and 10 per cent respectively)."These are very similar to our findings last year, where we noted that women tend to be more conservative in their investments – they want steady returns and the flexibility to be able to take care of more immediate financial needs," added Round. "Men are more comfortable with investments that go through cycles. What’s missing for more men than women though is a financial plan that’s actually written down rather than in their head. Without a written plan, it can be difficult to see how your investments are supporting your short- or long-term financial goals or to take the right actions to stay on track."
Other findings from the poll that highlight the gender gap follow below:
| 22nd Annual RBC RRSP Poll: "He Says, She Says" findings | Canadian Men | Canadian Women |
| Hold RRSPs | 63% | 58% |
| Hold TFSAs | 48% | 53% |
| Average reported market value of RRSPs | $79,663 | $67,518 |
| Average amount of money in TFSAs | $8,730 | $8,007 |
| Building investment portfolio | 26% | 19% |
| Began saving for retirement by age 34 | 56% | 46% |
| Have a financial plan | 52% | 48% |
| Financial plan is on paper | 43% | 51% |
| Very involved with financial plan | 35% | 41% |
Sometimes we need to stop and see where we are at with our savings & retirement strategies.
I just wanted to let you know that I work with an excellent accredited financial planner, Joanne McMurray-Kohl, who through our program: Your Future by Design can help you develop investment strategies, minimize taxes and plan for your retirement.
We encourage you to take the time now, to plan for tomorrow.
Please call:
Joanne McMurray-Kohl
Financial Planner, Investment & Retirement Planning
Royal Mutual Funds Inc.
Phone (780) 838-3882
Email: joanne.mcmurray-kohl@rbc.com
Financial Planner, Investment & Retirement Planning
Royal Mutual Funds Inc.
Phone (780) 838-3882
Email: joanne.mcmurray-kohl@rbc.com
