Income inequality during active working years has been discussed for several years, but other lesser-known sources of imbalance have significant impacts in retirement. Whether it's the impact of lower contributions, the division of tasks and expenses within couples, or women's approach to risk in investments, these issues benefit from being discussed during client meetings. Professionals can play a crucial role in overcoming obstacles for women to achieve a financially satisfactory retirement.
Revealing survey challenges preconceptions
The CSF and ÉducÉpargne commissioned an extensive survey by the firm Léger on the savings habits of the Quebec population. The results reveal persistent inequalities between men and women. "They remain more responsible for household tasks, their incomes allow them less room to save, and they display less confidence in their financial skills, as well as a lesser appetite for risk than men," the pollster notes.
Survey on inequalities results
Would you like to delve deeper into the results of the survey conducted by the firm Léger? Consult this document which presents the findings of this extensive study. Several key points emerge and contribute to fueling discussions on these issues. For example: 61% of women say they do more than their partner in terms of household and educational tasks, compared to 23% of men. As for the approach to investments, 36% of men have a high or very high risk tolerance, compared to 16% of women.
Women's retirement: overcoming obstacles
Women face persistent challenges in saving, which result in lower retirement incomes according to statistics.
What solutions can be considered to help women safeguard against these inequalities?
The proposed solutions involve reexamining certain biases. For example, a 50-50 split of expenses is not equitable if the partners earn different incomes. The person earning less will have more difficulty saving than they should. When the gaps are significant, even a split proportional to incomes can be disadvantageous.