According to a new study by BMO, it appears that men are better savers, on average, than women. Last year each Canadian men saved $10.5K on average, while the ladies saved about $7K each. That’s a difference of 50%. 😯 These results are interesting because last year another study showed that young men are more likely to stay at home with their parents, but young women move out sooner and are more independent. Maybe guys can save more money because we tend to mooch off our parents more. 😛 But on a more serious note I believe the income gender gap has something to do with this. Women are still making less than men in many professions and the less you make the less you have to save. 🙁
The good news is both genders in the BMO study say they plan to save more this year in 2014. 🙂 $11.2K for the men and $8K says the women. Good luck everyone. 😀 The report also revealed saving differences across different regions in Canada. 🙂
Some what we can learn from this information.
- It’s easier to reach our goals if we are around like minded people, so if you are young and looking for work consider moving to Alberta or B.C. if you aren’t already here. 🙂 We have low unemployment, financially responsible government, and high wages – what’s not to like? 🙂
- Try to save at least the 2014 amount for the province that you live in. This is because money is relative and in order to get ahead we must be better than average. 😀 Even if we managed to save $100,000 this year, it still wouldn’t feel very much if everyone else managed to save $1,000,000 during the same time. I happen to live in B.C. so I will personally aim to save at least $15,117 this year to make sure I don’t get left behind. 🙂 For benchmarking purpose, last year I managed to save about $18K.
- Invest our savings with tax efficiency in mind. For most people this means maxing out the contribution room for our TFSAs and RRSPs, etc. before investing in a non-registered account.
Random useless fact: The RCMP was formed in 1920 but it wasn’t until 1974 that women were allowed to become members.