Women have more money in their tax-free savings accounts (TFSAs) than men, but when it comes to retirement, they’re still not feeling as confident. Even though women earn at least 9.2% less than men and have less wealth overall, they are actually contributing more money and have more valuable TFSAs. According to the most recent data in 2022, women had $281.3 billion in their TFSAs compared to $237.2 billion for men. That works out to about $30,750 per woman and $27,502 per man. But that extra dough doesn’t exactly translate into financial confidence — only 52% of women feel confident they’ll be financially ready for retirement at their target age, compared to 68% of men. The takeaway here is that, regardless of gender, feeling prepared for retirement isn’t just about the size of your account. Whether you’re saving a little or a lot, the real key is having a solid retirement plan. Setting long-term, tangible goals — like aiming to save $1 million by age 60 — and consistently working towards them is the best way to build confidence in your financial future.
