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He says "Save for the Future", she
says "Live for Today": RBC poll
Investing and savings habits differ between men and women
TORONTO, February 14, 2011— There are significant
differences in how Canadian men and women save and invest
their money, particularly what they invest in and how much
money they invest, according to the most recent RBC RRSP Poll.
Within the past year, men were more likely than women to
put money toward retirement savings (44 per cent compared
to 33 per cent) and building an investment portfolio (23 per
cent compared to 16 per cent), while women were more likely
than men to worry about balancing saving for immediate priorities
against putting money away for the longer term or their retirement
(79 per cent compared to 73 per cent). Across Canada, almost
one-third (31 per cent) of women have not started saving for
their retirement, compared to one-fifth of men (21 per cent).
"What we're seeing in our research is that women are
placing more emphasis on taking care of daily needs - often
the needs of others - rather than focusing on their long-term
needs," said Lee Anne Davies, head, Retirement Strategies,
RBC. "This makes it all the more important for women
to get advice about the options available to help them build
their savings and enable them to have the lifestyle they want
when they retire. This involves so much more than just a dollar
figure and a financial planner can help them explore their
goals and set a realistic plan of action."
A striking difference between what men and women plan to,
or already, invest in within their RRSPs was also identified
by the RBC poll. While stocks are listed as the third most
favoured type of investment by men (23 per cent), they sit
well down the list in sixth place for women (14 per cent).
Savings accounts rank third for women (23 per cent), while
men list these accounts in fourth (19 per cent). Mutual funds
are the top choice for both genders; yet, while 46 per cent
of men hold mutual funds, only 38 per cent of women hold these
funds. As well, 22 per cent of women responded that they didn't
know what investments they hold in their RRSPs, or that their
advisor handles these investments for them, compared to 15
per cent of men.
"Women tend to be more conservative in their approach
to saving for the future, with a stronger focus on investments
that provide steadier returns. This is why we see the amount
of money women say they need for retirement remaining steady,"
adds Davies. "The amount of money men say they need in
retirement, on the other hand, changes as their investment
returns change."
The RBC poll found that the amount women feel they need to
finance their retirement
years eased slightly from $566,000 three years ago to
$510,000 in 2010, while the same goal for men changed more
dramatically over the past three years, dropping from $922,000
in 2007 to $493,000 last year.
"He Says, She Says" Regional Highlights from
RBC's RRSP Poll:
Quebec:
- Of the 62 per cent of Quebecers who have RRSPs:
- mutual funds are held in those RRSPs by 38 per cent
of men and 34 per cent of women
- savings accounts are held by 24 per cent of men and
16 per cent of women
- 20 per cent of men and 11 per cent of women hold
stocks
- 16 per cent of men and 22 per cent of women don't
know what investments are held in their RRSPs, or rely
on their advisor to handle these investments.
- Men (78 per cent) and women (79 per cent) voiced virtually
the same worries about balancing saving for their immediate
priorities versus putting money away for the longer term
or their retirement.
- Twenty-eight per cent of women have not yet started saving
for their retirement, compared to 22 per cent of men.
Ontario:
- Of the 62 per cent of Ontarians who have RRSPs:
- mutual funds are held in those RRSPs by 52 per cent
of men and 43 per cent of women
- savings accounts are held by 20 per cent of men and
26 per cent of women
- 24 per cent of men and 18 per cent of women hold
stocks
- 11 per cent of men and 15 per cent of women don't
know what investments are held in their RRSPs, or rely
on their advisor to handle these investments.
- Eight-in-ten women (83 per cent) compared to seven-in-ten
men (73 per cent) worry about balancing saving for their
immediate priorities versus putting money away for the longer
term or their retirement.
- Twenty-eight per cent of women have not yet started saving
for their retirement, compared to 20 per cent of men.
Western Canada:
- Of the 59 per cent of Western Canadians who have RRSPs:
- mutual funds are held in those RRSPs by 46 per cent
of men and 33 per cent of women
- savings accounts are held by 12 per cent of men and
26 per cent of women
- 22 per cent of men and 12 per cent of women hold stocks
- 19 per cent of men and 29 per cent of women don't know
what investments are held in their RRSPs, or rely on their
advisor to handle these investments.
- Just over three-quarters of women (76 per cent) compared
to just over two-thirds of men (68 per cent) worry about
balancing saving for their immediate priorities versus putting
money away for the longer term or their retirement.
- Thirty-five per cent of women have not yet started saving
for their retirement, compared to 22 per cent of men.
Whether Canadians want RRSP and retirement savings advice
or to borrow with confidence, the RBC Advice Centre (www.rbcadvicecentre.com)
is updated regularly to reflect current trends and answer
the questions that are top of mind. Interactive tools, calculators
and videos provide customized information covering many facets
of personal finance.
Poll background
These are some of the findings from the RBC 21st Annual RRSP
Poll conducted by Ipsos Reid between October 29 and November
4, 2010. For this survey, a national sample of 1,457 adults
from Ipsos' Canadian online panel were interviewed. The results
are based on samples where quota sampling and weighting are
employed to balance demographics and ensure that the sample's
composition reflects that of the actual population according
to Census data. Quota samples with weighting from the Ipsos
online panel provide results that are intended to approximate
a probability sample. A weighted probability sample of 1,457
Canadian respondents, with 100 per cent response rate, would
have an estimated margin of error of ±3 per cent, 19
times out of 20.
Your Future by Design® is RBC's distinctive
approach to help clients identify, plan, and realize their
goals for retirement. With the guidance of RBC financial planners
and investment and retirement planners, Your Future by Design
helps clients create a blueprint for a successful lifestyle
and financial plan for retirement based on what is truly important
to them in key areas in life, including family, health, home,
lifestyle, work/business, mind and spirit, and legacy. To
find out more about how RBC can help build a blueprint for
the future, visit www.rbc.com/yourfuture
or call 1-866-335-4055.
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Media contacts:
Kathy Bevan, RBC, 416 974-2727
Seema Sharma, RBC, 416 974-5606
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