Habits of savings and investment differ among Canadians

There are significant differences between the way Canadians save and invest their money, especially when it comes to investment types and amounts invested, according to the latest annual survey of RBC RRSP..

There are significant differences between the way Canadians save and invest their money, especially when it comes to investment types and amounts invested, according to the latest annual survey of RBC RRSPs.

During the past year, men were more likely than women to save for retirement (44% vs. 33%) and to build an investment portfolio (23% versus 16%), while women were more likely than men to encourage saving for immediate priorities rather than for achieving long-term goals or retirement (79% versus 73%). Across Canada, nearly one third (31%) of women have not started saving for retirement, compared to one fifth of men (21%).


“Our survey shows that women give more importance to current needs, often the needs of others as their own long-term needs, said Lee Anne Davies, head, Retirement Strategies, RBC. Therefore, it is essential for them to get advice on how to increase their savings, which will help them have the lifestyle they want in retirement. This is not simply to determine the amount of savings required, a financial planner can help them set goals and a realistic action plan. ”

The survey also raised the marked difference between men and women in regard to contributions, current or planned, to an RRSP. In RRSPs, stocks are the third most common types of investments favored by men (23%). In women, they are in sixth place (14%). On the same list of preferences for investment, savings accounts are third in women (23%), whereas among men, they rank fourth (19%). Mutual funds come in first place in both men and women. Forty-six percent of men hold, however, this proportion is only 38% among women. In addition, 22% of women said they were unaware of what types of investments they hold in their RRSPs, or that it is their advisor who cares, compared to 15% of men.

“Women have a more cautious approach to saving for the future, and they are more interested in investments that offer stable returns. Therefore the amount of savings needed at retirement they cite is stable, says Ms. Davies. Moreover, in men, this amount changes depending on changes in returns on their investments.

The RBC survey indicates that the amount of savings needed for retirement cited by women declined slightly, in fact, it went from $ 566 000 three years ago to $ 510 000 in 2010. Moreover, in men, that amount has dropped dramatically over the last three years it went from $ 922 000 in 2007 to $ 493 000 in 2010.

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