Men are from Mars and women are from Venus, right? Well, it turns out this claim also holds true for retirement planning. Findings from Benefits Canada’s 2013 CAP Member Survey reveal that men and women approach saving for retirement differently. The survey also reveals geographical differences and varying debt levels among Canadian workers.

The Gender Factor

  • Women (36%) are more likely than men (22%) to be conservative investors
  • Women (89%) are more likely than men (85%) to be satisfied with their employee retirement plans
  • Men (34%) are more likely than women (26%) to say they would use social media to access capital accumulation plan (CAP) information

The Geography Factor

  • Plan members in B.C. (37%) are the most likely to use social media to get CAP information
  • Alberta plan members anticipate saving the most for retirement (average: $1,183,097)
  • Support for auto-enrollment is lowest in Quebec (73%) and highest in Ontario (81%)

The Debt Factor

  • More than half (54%) of 18- to 34-year-old CAP members say they use credit if they want something and haven’t saved up for it
  • Almost one-quarter (24%) have $10,000 to $39,999 in personal debt (excluding mortgages)
  • Those making between $60,000 and $99,999 have the highest debt-to-household-income ratio, at 50.3%

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