What's retirement look like?
Men and women have different views of life after 65
Does the “Men are from Mars, Women are from Venus” idea fit when it comes to retirement?
It seems that the gender gap has extended into Canadians’ views of retirement with twice as many men (32%) than women surveyed saying they want to work past age 65, according to the second edition of the Sun Life Canadian Unretirement Index.
“We also found that men and women had diverse opinions around what factors should be considered in a retirement plan, with women more likely to cite long-term care, low interest rates and death of a spouse,” says Kevin Dougherty, president, Sun Life Financial Canada.
Other survey findings show :
n 71% of women who said they will be working past age 65 said they will be doing so to earn enough money to pay for basic living expenses compared to 65% of men.
n 61% of women believed their company pension will not be enough to live on compared to men (56%).
n 49% of women were very confident they would have enough money for basic retirement living expenses compared to 57% of men.
n 29% of women were very confident they will have enough money to enjoy the lifestyle they want compared to 36% of men.
Women tended to be less confident about the overall economy and their personal finances compared to men.
“Women have substantial reasons for worrying that they won’t have enough money to enjoy the lifestyle they want in retirement,” says Alison Konrad, Professor of Organizational Behaviour at the Richard Ivey School of Business, University of Western Ontario.
“The average Canadian woman earns about 66% of what the average Canadian male earns. So even though women tend to put a larger percentage of their income into their retirement nest eggs, men save almost $1,900 more each year.”