Gender differences in preparedness to meet retirement's challenges

Abstract

This analysis of gender differences in preparedness to meet retirement's challenges uses data derived primarily from Statistics Canada's 2007 General Social Survey (GSS). We also present results of our analysis of data from the 2008 Health and Retirement Survey of the University of Michigan. We construct two composite indicators, with the help of a team of experts. At the highest of five levels of the indicator for Canada, the percentage for men is significantly greater than that for women. We use multivariate analysis to examine whether this differential is due to variance in population composition between pre-retired men and women. After holding constant several relevant factors, we found that the concentration of pre-retired men in the highest level of the indicator was 10% greater than that for their female counterparts. Pronounced gender differences exist within important population segments. Women tend to have markedly greater concentrations than men in the lowest quintile of the indicator among widows and widowers. Among both the university educated and those without a high school diploma, men have much larger percentages in the top levels of the indicator. A sharp difference favoring men also exists among married immigrants.