According to a recent article in the Winnipeg Free Press, despite Canadian women having access to more financial swagger and control than ever before, they still confront a number of challenges.
First, women live longer than men – on average, about four years longer. That translates to a need for more retirement savings and a potential for higher healthcare costs. So women are saving more money, right? Wrong. On average, women contribute 30 percent less to their retirement funds.
Caroline Dabu, vice president and head of BMO Wealth Planning Group, says there are few reasons behind this finding. First, women earn 83 percent of what men earn. Second, 4 our of 5 businesses in Canada are started by women, which means they take a greater financial stake in their retirement. Lastly, since women outlive men, many are widowed. If their spouses don't die before them, 40 percent of women will not make it to their 30th wedding anniversary. Divorce often leads to a drop in income for women by up to 40 percent. Yikes!
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