Understanding Gender Differences in Retirement Saving Decisions

Summary

In Understanding Gender Differences in Retirement Saving Decisions, Professor Frances Woolley from Carleton University and Taylor Shek-wai Hui and Carole Vincent from SRDC assess the responsiveness of savings decisions to gender dynamics within households. Using data from the 2009 Canadian Financial Capability Survey (CFCS), the study reveals that couples’ financial management strategies have a significant impact on families’ financial health. Compared to households with shared responsibility for financial decisions, households where financial decisions are mainly the responsibility of the man are more likely to hold assets and have higher levels of asset holdings. Those with the woman in control are more likely to have debt and to have liabilities exceeding assets. The results of this study suggest that policy-makers need to be aware of gender dynamics when planning policy interventions.