RBC Poll: Think men and women are similar when it comes to finances and investing? Think again.
In a recent Royal Bank of Canada (RBC) poll, the third set of results from the 22nd annual RBC RRSP Poll found that there continues to be a large difference when it comes to Canadian men and women in terms of how they save and invest their money.
More men then women invest in RRSPs (63% compared to 58%), while more women than men invest in TFSAs (53% compared to 48%).
On average, it was found that the amount of money in RRSPs held by men exceeds what women hold by $12,000. As a matter of fact, men also hold slightly more than money in their TFSAs than women.
The survey revealed that men are less likely to worry about balancing savings for immediate costs, versus putting away money for the longer term or retirement. Women focus more on making regular payments to reduce or eliminate debt. Men look at saving for their retirement as being the most important things to do.
What were the other findings of the poll?
The findings from the poll include the following:
|22nd Annual RBC RRSP Poll:|
"He Says, She Says" findings
|Canadian Men||Canadian Women|
|Average reported market value of RRSPs||$73,663||$67,518|
|Average amount of money in TFSAs||$8,730||$8,007|
|Building investment portfolio||26%||19%|
|Began saving for retirement by age 34||56%||46%|
|Have a financial plan||52%||48%|
|Financial plan is on paper||43%||51%|
|Very involved with financial plan||35%||41%|
As you can see, the biggest problem that people have is being involved with their financial plan. The difference to me with having a financial plan on paper or having a financial plan is that you are taking time to actually write it out.
Women clearly come out on top as they are more involved with their financial plan than with men.
Yes, it is shown that men invest more in their RRSP or TFSA, but in the end, at least women have a set plan they are using.
It was also revealed what type of RRSP investments both genders prefer. Men opt more for mutual funds while women opt more for GICs or term deposits. 57% of men invest in mutual funds while 37% of women invest in mutual funds. In terms of GICs, men invest 27% into it, while women invest 33%.
If you were to examine stocks, more than twice as many men make this investment compared to women.
What does all of this mean?
It is interesting to see the differences between the genders. What you can take from this poll is that women are far more conservative in their investments and what steady returns. They are loking to take care of immediate financial needs.
Men on the other hand are more comfortable with investments that go through cycles. As you can see with the poll results, they are interested in having financial security when they are older.
The fact is, women have the upper hand by having a plan they are actually following. Without a written plan, it makes it harder to know what you are doing and what reasons you are doing it for.
What do you think of the poll in how different men and women are?