We often hear about the wage gap between women and men. But did you know that this income gap continues into retirement?
According to an analysis by the Observatoire de la retraite (link in French), Quebec women aged 65 and over still have a lower average income than men. And despite the progress made over the decades, this gap remains.
Why? Because throughout their lives, several factors can affect women's ability to save, including generally lower incomes, career interruptions related to family responsibilities and a greater likelihood of working in lower-paying jobs.
As a result, these differences add up over time and are often reflected in retirement income.
A gap that builds over time
In 1976, the median total income gap between Quebec women and men aged 65 and over was $6,300. In 2023, according to the most recent data available, it reached $11,000.
These figures show that financial equality in retirement cannot be taken for granted. They also highlight the importance of taking action today to build financial security for tomorrow.
It's never too late to start saving
The good news is that it's never too late to start planning for retirement.
Whether you start saving at 25, 40 or even 55, every amount you set aside can help improve your financial situation in the future. What matters most is taking that first step and developing habits that fit your reality. Even small amounts saved regularly can make a difference over the long term.
There are also tools that can help you see how your savings could grow over time. For example, My Game Plan, our tool to plan your finances, lets you run simulations to help you choose a strategy that's right for you.
Professional guidance can make all the difference
Planning for retirement can seem complex. How much should you save? Which investments should you choose? How can you balance today's priorities with your long-term goals?
That's where professional guidance can be valuable. An advisor can help you take stock of your situation, build a plan tailored to your needs and identify solutions that work for you.
The sooner you start thinking about retirement, the more options you can give yourself for the future.
Saving is also about financial independence
Saving for retirement isn't just about putting money aside. It's about giving yourself more freedom for the future and building financial security that reflects your needs and goals.
And while women still face certain obstacles, every step taken today can help narrow tomorrow's gap.
