One in four women would be unable to maintain household financial situation if spouse died

By The IJ Staff | February 26 2019 11:30AM

Photo: Freepik

Twenty-four per cent of Canadian women say they would not be able to maintain their household's financial situation if their spouse or partner were to pass away, according to an RBC poll conducted by Ipsos. This figure rises to 30 per cent for women ages 45-54, but drops to 14 per cent for women aged 65 and over.

Retirement preparedness

In terms of retirement preparedness, the poll showed varying degrees of confidence. Thirty-three per cent of the women surveyed said they were not confident that they will be able to afford the lifestyle they want to live through retirement. Women between ages 45-54 were most likely (38 per cent) to express this uncertainty around the future, compared to 22 per cent for women 65 and over.

Single women were only slightly more likely than married women (36 vs. 34 per cent) to cite a lack of confidence in their ability to afford their lifestyle in retirement.

Asked how they would handle managing a sudden lump sum of money, such as an inheritance, 94 per cent of respondents said they would take “a prudent approach,” agreeing that they would develop a strategy to make the money last.

Guaranteed income

Ninety-two per cent said they would look for ways to help protect the money from risks such as market volatility and 91 per cent would consider investing in products that provide guaranteed income.

“Women are expressing a strong interest in long-term financial strategies, risk mitigation and products that can provide guaranteed income,” said Selene Soo, Director, Wealth Insurance, RBC Insurance. “There are solutions available that women should consider as part of their retirement plan that can provide guaranteed income for life, potential tax benefits and the ability to protect beneficiaries, to name a few.”