Adequacy of Canadian women's financial resources for retirement and the use of financial advice and information

Abstract

A sample of 2,435 Canadian pre-retirement women aged 45 to 64 from Statistics Canada’s 2007 General Social Survey was used to examine the effect of sources of financial advice and information, controlling for 7 demographic and socioeconomic factors. The results of logistic regression indicated that levels of income, being in a relationship, having a better state of subjective health, and being born in Canada, were positively associated with women’s perceived adequacy of financial resources for retirement. Retirement planning experts, financial institution employees, accountants, partners, and employers were the key sources of financial advice and information that increased women’s perceived financial security for retirement. The results of this research can be used to better understand who among pre-retirement women are more or less likely to perceive their financial resources for retirement as adequate and whether the use of financial advice and information affects their perceived adequacy of financial resources for retirement.