But an RBC Insurance poll shows many are not working with an FA and could be missing out on better investments
Canadian women aged 45 and over are looking forward to a good lifestyle in retirement according to a new poll.
The RBC Insurance survey found that 90% of respondents are taking an active role in preparing for retirement by investing in RSPs or TFSAs and, among those who feel confident, 7 in 10 believe they will have the funds they need for their retirement lifestyle goals, whether or not they are married.
This is despite a recent report from Charles Schwab that ranked retirement as life’s financial anxiety peak.
The RBC poll shows that the factors driving women's confidence include their retirement portfolio (55%), their defined workplace pension or employer matching program (43%), being in good general health (42%) and their spouse or partner's insurance or pension (32%).
But the poll also highlights the potential for women to engage with a financial advisor and explore alternative investments.
"Last year we learned that women were feeling generally confident about their finances for retirement and we wanted to dig a little deeper to understand the reasons why," said Selene Soo, Director, Wealth Insurance, RBC Insurance. "Women seem to be playing a more active role in managing their finances and understanding their retirement needs, leading to them feeling more prepared and in charge of their financial future."
Biggest concerns
Despite a general confidence in their financial future and retirement in particular, women over 45 are also have some concerns.
Rising healthcare costs as they age, living with a chronic illness, and outliving retirement savings are the top 3 but a lack of guaranteed income, having to give up favourite activities, and feeling lonely or depressed are all concerning.
|
Age 45+ |
|
|
Putting money in an RSP or TFSA |
60% |
|
Working with a financial advisor/planner to create a plan |
37% |
|
Cutting down on non-essentials like travel/entertainment |
29% |
|
Buying stocks, bonds or mutual funds |
27% |
|
Delaying their retirement |
23% |
|
Living below their means to help meet future goals |
21% |
|
Investing in segregated funds/other products to protect money |
14% |
|
Investing in payout annuities/other products that provide a |
8% |
"Part of women's financial oversight should include making sure they are aware of the options available for protecting while also growing their money and ensuring a continued stream of income that can carry them through retirement, despite market volatility or increased health expenses," adds Soo.
