Many Women Aren't Ready for Retirement
A group of financial analysts have found that women are more likely to experience financial hardship in their retirement years than men. By the time they retire, women will only have saved two-thirds of the amount men have saved, on average.
Why? On average, women work fewer hours and earn lower wages than men.
- 57.5 percent of women were employed in 2016, versus 64.9 percent of men.
- Of those employed, 73.6 percent of women worked full time, versus 87.4 percent of men.
- Women who work full time earn 72 percent of what men earn, on average.
Women also have a lower level of financial literacy, on average. Only 15 percent of women could answer five key financial literacy questions in a 2014 survey by Statistics Canada, compared to 22 percent of men. And women live longer—4.2 years longer than men, on average.
Governments and unions are working to ensure that women are properly compensated for their work and have the opportunity to advance their careers. But women—and men too—can work toward a healthy retirement by taking control of their financial literacy by speaking with a financial advisor, accessing retirement planning tools from iAquaint through the myCLAC.ca My Retirement page (for CLAC retirement plans members), and accessing financial tips from workhealthlife.com (available if your benefits are provided through your CLAC benefits).
Sources: Statistics Canada, CBC News