RBC Insurance’s latest survey found that most Canadian women are relatively well-prepared in terms of finances.
According to the report, the majority of women aged 45 and over said that they have a very clear idea of what they would do with a sudden lump sum of money. Only 24% said they worry about being able to manage money properly.
While there were still women unsure about how to handle lump sums of cash, an overwhelming majority (94%) of those surveyed expressed a prudent approach, saying that they would develop a strategy for making the money last.
Other top responses include looking for ways to help protect their cash from risks like market volatility (92%) and considering investing in products that offer guaranteed income (91%). Ninety-two per cent (92%) agree they have a strong understanding of their finances – regardless of marital status.
“Women are expressing a strong interest in long-term financial strategies, risk mitigation and products that can provide guaranteed income,” commented RBC Insurance director Selene Soo. “There are solutions available that women should consider as part of their retirement plan that can provide guaranteed income for life, potential tax benefits and the ability to protect beneficiaries, to name a few.”
