Retirement planning for women—a key opportunity for financial professionals

Canada is on the cusp of an important financial shift: the $1 trillion Great Wealth Transfer2 as baby boomers slowly designate assets to their millennial children. As it stands, baby boomers have the largest wealth in the country, not to mention properties. When all is said and done, it’ll be the biggest shift of generational wealth in national history. 

Many women may be on the receiving end of these inheritances, but only about 40% currently work with a financial professional,3 creating an untapped market for savvy advisors.  Focusing on helping women with their retirement planning can pave the way to assist with their other financial planning needs, like estate planning and insurance. Our 4th  annual survey of Canadian workers reveals that women are generally struggling more than men to build financial resilience, which in turn is affecting their ability to save for retirement.³ 

Developing your strategy to connect with female members 

You don’t have to look far to find women who may benefit from your financial guidance. Many may already be in the retirement plans you serve, but might not resonate with the general financial guidance in the market and may not have considered seeking a financial advisor. But having access isn’t the same thing as having trust, which can be crucial to your success. Consider offering women-only education sessions that focus on financial basics, retirement planning, and investing to connect better with female members.

Hosting women-only sessions can help:

• Show you get it, not just tell—Delivering tailored presentations can demonstrate that you understand the unique challenges women face, such as balancing work and childcare, and that you have the strategies that can help them succeed.
• Boost engagement—The financial world doesn’t always cater to women. Female members may feel more comfortable asking questions and sharing their anxieties in a more welcoming setting, which may result in more open and honest discussions about money and investing.
• Build relationships—It’s natural to seek a like-minded community. These discussions can create deeper connections, which can lead to more opportunities beyond just retirement planning, including referrals.   

If you’re a male financial professional, consider teaming up with female colleagues to host or co-host these sessions to help increase relatability and credibility. People are likely to be more receptive to advice given by someone they identify with, and your colleagues can help evaluate and refine your approach.

Here are some other ideas to consider as you develop your strategy:

• Partner with plan sponsors to survey female members to discover their top financial concerns and priorities.
• Review your existing member education offering, highlighting the presentations you could easily tailor to women.
• Check with your recordkeeping partners to see if they have any materials geared specifically to women retirement savers. 
• Invite your centres of influence (ideally, female) to speak on their areas of expertise, such as investing, long-term care planning, caregiving, taxes, and more.
• Reach out to retired female clients to share their experiences post-career and lessons learned to help emphasize the importance of planning.   
• Identify female members within each plan who could serve as plan ambassadors and financial mentors, encouraging their peers to prioritize saving for their future.   

Support women on their financial journey  

Because of a variety of factors, women can find themselves solely responsible for their financial future, especially in retirement. They may also be poised to inherit a significant portion of the Great Wealth Transfer due to their longer life expectancy. Yet, our survey shows many may not feel fully prepared for this challenge, and the majority aren’t supported by a financial advisor.³ Consider tapping into this opportunity to help women become more financially resilient. Investing in their well-being can benefit them, society, and possibly even your business.

For more learnings, view our full 2024 financial resilience and longevity report.

1 “ Life expectancy at birth in Canada from 2012 to 2022, by gender” November 5, 2024, https://www.statista.com/statistics/970534/life-expectancy-at-birth-in-canada-by-gender/ . 2 “The Jackpot Generation” September 12, 2024. https://macleans.ca/society/the-jackpot-generation/ 3 This year’s online survey was conducted in English and French, and comprised of two participant samples sourced through Angus Reid’s research panel: Canadian employees and Canadian retirees. The Canadian employee sample comprised of 1,572 Canadians, aged 18 and up, employed, and contributing to an employer-sponsored retirement plan. The survey for this sample was conducted from May 9th, 2024, to May 29th, 2024, with an average survey length of approximately 15 minutes per respondent. The Canadian retiree sample comprised of 523 retired Canadians. The survey for this sample was conducted from May 9th, 2024, to June 3rd, 2024, with an average survey length of approximately 14 minutes per respondent. All statistical testing is done at 0.95 significance levels. Percentages in the tables and charts may not total 100 due to rounding and/or categories not included. The 2024 financial resilience and longevity survey was commissioned by Manulife and John Hancock Retirement and conducted by Edelman DXI. Manulife is not affiliated with Edelman DXI and neither is responsible for the liabilities of the other. The commentary in this publication is for general information only and should not be considered legal, financial, or tax advice to any party. Individuals should seek the advice of professionals to ensure that any action taken with respect to this information is appropriate to their specific situation.