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RRSPS are from Mars, TFSAs are from Venus?
Canadian Men and Women on different planets when it comes
to saving and investing: RBC Poll
Gender gap in money held in both RRSPs and TFSAs
TORONTO, February 14, 2012 — There continue
to be significant differences between Canadian men and women
in how they save and invest their money, what they choose
to invest in and how much money they invest, according to
the "He Says, She Says" findings within the 22nd
Annual RBC RRSP Poll.
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 RRSP |
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% |
About RBC's financial planning advice,
resources and interactive tools
The RBC Advice Centre offers free online advice, resources
and tools regarding RRSPs
- including the RSP-Matic®
Savings Calculator and updates on the federal government's
RRSP First
Time Home Buyers' Plan. Whether Canadians want to save
and invest, buy
their first home, get more from their day to day banking,
protect what's important, or take care of their businesses,
the RBC
Advice Centre can help answer their questions. Interactive
tools and calculators provide customized information covering
many facets of personal finance, including the Debt
Reduction Plan and the Debt
Consolidation Calculator. With the guidance of RBC advisors
who are available to chat live, Canadians have access to free,
no-obligation professional advice about RBC products and services
and personalized one-on-one service. Further information is
available at rbcadvicecentre.com.
In addition, RBC's myFinanceTracker,
a comprehensive online financial management tool, offers all
personal RBC online
banking clients the ability, at no cost, to create a set
budget and track their spending habits and to access the new
myTax
Centre, to help manage and plan their taxes.
About the 22ndAnnual RBC
RRSP Poll
This survey
was conducted by Ipsos Reid between October 24 and
November 15, 2011 via a random sample of 1,224 adults in the
general population (aged 18 and over). 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 1,224 Canadian respondents,
with 100 per cent response rate, would have an estimated margin
of error of ±3 per cent, 19 times out of 20.
- 30 -
For more information, please contact:
Suzanne Willers,
RBC Corporate Communications,
(416) 974-2727
Kate Yurincich,
RBC Corporate Communications,
(416) 974-1031
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