Canadian women face lower retirement savings, with nearly half holding less than $5000 compared to a third of men: survey
October 30, 2024
The rising cost of living impacts all Canadians, but women especially feel the strain when it comes to retirement security.
According to new research from Abacus Data and Healthcare of Ontario Pension Plan (HOOPP), almost half of Canadian women surveyed report they have less than $5,000 in savings.
With known pay disparities between women and men and an increased likelihood for women to work part-time or take time off work to care for families, combined with rising expenses and high interest rates, HOOPP’s Head of Plan Services Ivana Zanardo says the findings are “no surprise.”
The research also found women’s mental health was disproportionately impacted due to finances: when surveyed about their financial situation, 51% of women felt anxious versus 39% of men, 50% of women felt frustrated as opposed to 42% of men, and 46% of women felt sad compared to 36% of men.
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