iAtoday

The issue of women's retirement remains a worrying one, with very real disparities in income compared to men. Equal pay, access to group retirement savings plans and communication that is better adapted to their specific needs are all challenges that need to be met to ensure greater equity and enable them to enjoy a more peaceful retirement.

According to Statistics Canada, women's retirement income has plateaued at around 70% of men's since the 1970s. This difference is partly due to the gender pay gap, which stands at 17% in Canada, well above the Organisation for Economic Co-operation and Development (OECD) average.

What's more, women are more likely than men to be low-income earners.

How can this trend be reversed?

Retirement plans - both public and private - have an important role to play in reducing the income gap at retirement. Employers are also part of the equation, particularly when it comes to equal pay.

Employers can also set up more equitable group retirement savings plans that offer flexible contribution options to take into account the fact that more women take time off work or put their careers on hold because of family responsibilities.

Finally, employers can also encourage women to get involved in their finances and retirement savings.

Communicating differently to better connect with women

Jade Bellemare, Director, Communications and Marketing, Group Benefits and Retirement Solutions, stresses the importance of communicating specifically with women to improve their financial literacy. Women score lower than men when it comes to knowledge of the retirement income system (public and private retirement plans, personal savings), according to the 2024 index produced by HEC Montréal's Retirement and Savings Institute (RSI).

“Improving women's financial knowledge would benefit their retirement situation,” says Jade Bellemare. “Therefore, targeted initiatives should be implemented to meet the specific needs of women. The way we communicate with women is still too generic. Too often, communication does not focus on their specific challenges and uses language that is not very engaging. Developing a communication strategy and educational content could change all that.”

The “one size fits all” concept has had its day. To interest and engage women, we need to address them in a language that speaks to them: “We need to offer a more personalized approach, and even content that is specific to women,” adds Jade Bellemare. “This means tackling subjects from an angle that responds to their concerns by choosing appropriate words and dealing with subjects that are of particular concern to them.”

Would you like to help your clients set up attractive and inclusive group plans? Or would you like to support them in implementing a communication approach based on the diverse needs of their employees? Contact your Account Executive.

This text is inspired by the article Retraite des femmes: plus d'équité pour plus de sérénité (in French only) published in Avantages in September 2024.