Planning your retirement? Women face more barriers to saving

Almost one in three Quebec women have not started a retirement plan and say they don't have enough income to save for this period in their lives, far more than men, according to a recent study.

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In fact, according to data from ÉducÉpargne in collaboration with the Chamber of Financial Security (CSF) and Léger and the National Institute of Scientific Research (INRS), only one in five Quebecers is in this situation.

Reduced income due to debt repayment, insufficient income, health problems, marital separation, caring for dependents, job loss and parental leave are various barriers that limit women's ability to save.

Almost 60% of Quebec women report earning less than their spouse. For equal pay, 21% of women are unable to save compared to 16% of men. The disparity is even more pronounced for those earning between $50,000 and $74,999 in income.

“The wage gap between women and men should come as no surprise to anyone. However, what is most worrying is that many couples do not consider this gap in day-to-day management and even less so in their retirement planning,” noted INRS Professor and Chair Holder Hélène Belleau on Thursday. Money, inequality and society.

Fear of retirement

Overall, 69% of women surveyed indicated that they fear they will have no income in retirement, a higher percentage than men (56%).

They are also more likely to fear not being able to pay for the care they need to maintain their independence (58% versus 49%).

Léger conducted an online survey of 1,504 Quebecers between the ages of 25 and 74 from September 5 to 16, 2023.