According to the report, women (52%) are much less likely (52%) than men (68%) to feel financially comfortable about retiring at their expected age. Also, 73% of women don’t have a financial plan to reach their goals compared to 64% of men.

The report also found that more men have a financial services advisor (42%) than women (37%).

Among those unsure about their retirement plans, 32% believe saving more is the most important way to retire on time, followed by investing (12%), limiting spending (10%) and increasing income (9%).

Still, 74% of women say they are in control of their finances, compared to 84% of men.

LOWER SALES

According to Statistics Canada, in 2021, women ages 25-54 earned an average of $0.89 for every dollar men earned. This reality is affecting the amount of money women can save and invest towards their retirement.

Adding to their financial stress, the BMO survey found that 87% of businesses had concerns about unknown expenses and 63% said tracking monthly bills scared them.

A GAP IN THE OBTAINED FINANCIAL literacy

The BMO survey also revealed a discrepancy between the way women and men report being educated about personal finance from an early age.

For example, 61% of women responded that they received no support from their family when discussing budgeting or financial planning, compared to 57% of men.

TIPS FOR BETTER CONTROL OF YOUR FINANCES

• Stay informed about incoming and outgoing financial flows.
• Build and strengthen your credit score. Use credit-building solutions such as a loan or secured card, and keep a close eye on your credit report score and activity.
• Set up a budget or savings plan for major purchases like a car, vacation, or appliances.
• Pay off the debt with the highest interest rate first.
• Evaluate common expenses like streaming services, cable and internet packages, gym memberships, or phone service providers, and try to reduce or eliminate services you rarely use.
• Consult a financial services advisor to make sure your savings and payment habits are on track and that you have the right financial tools to make it happen.

The BMO Finance Improvement Index is an indicator of how consumers feel about their personal finances and how their financial situation is improving. The cited survey was conducted by Ipsos in Canada from January 16 to February 12, 2023 among 3,401 adults 18 years and older.