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About RBC > Media Newsroom > News Releases > RRSPS are from Mars, TFSAs are from Venus? Canadian Men and Women on different planets when it comes to saving and investing: RBC Poll

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 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


Began saving for retirement by age 34 56% 46%
Have a financial plan 52% 48%
Have a financial plan 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 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.

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For more information, please contact:
Suzanne Willers, RBC Corporate Communications,
(416) 974-2727

Kate Yurincich, RBC Corporate Communications,
(416) 974-1031