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March 14, 2022

Women need a good financial plan

Live long and prosper. Or so we hope.

Women may be better prepared emotionally for retirement than men, however they may be less prepared financially, according to a recent study.

The study, conducted by Pollara for BMO Bank of Montreal, found that three in five Canadians have a financial plan in place. Out of this group, it revealed that more men (64 per cent) had a financial plan over women (55 per cent).

It also found that 74 per cent of Canadians are confident they will be able to save enough for their retirement with males being a little more optimistic than their female counterparts.

"Women have unique challenges not always faced by men," explains Caroline Dabu, Vice President and Head, BMO Wealth Planning Group. "On average women live longer than men and they have lower earnings over their lifetime."

This means that women need to ensure they have established plans in place for more savings to take into account for a longer retirement.

The research found that women are typically more conservative than men when it comes to investing and tend to take less risks. Just 16 per cent of women considered themselves aggressive investors compared to 30 per cent of men.

"Having a financial plan enables women to map out their life goals better and devise strategies on how to save and plan financially to achieve them," adds Dabu.

By Donna Donaldson, MSN Money

Do you have a good financial plan in place that will provide you with your ideal retirement lifestyle?



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