Gender Gap Galore: Women Trail Men on Financial Progress, More Likely to Feel Increasingly Concerned About Inflation, the Cost of Living, and Their Overall Financial Situation

Toronto, Ontario, March 11, 2024 — A new Ipsos poll conducted on behalf of BMO reveals a significant gender gap, as women are statistically more likely to trail men on financial indicators almost across the board. For starters, women are less likely to think they are making real financial progress (29% vs. 37% of men) and are more likely to report feeling increasingly concerned about inflation (63% vs. 51%), the cost of living (66% vs. 54%), and their overall financial situation (43% vs. 35%), over the past 3 months, than men.

It follows that women are more likely to feel less confident about their financial situation (34% vs. 27% of men) and less financially secure (30% vs. 25%) than they did, one year ago, compared to men. Men are more likely (at 69%) than women (63%) to think they would have enough savings to get through an unexpected emergency.

Financial planning is another area of disadvantage for women. Women are less likely to have set an annual household budget and/or have a written financial plan than men. Over two-thirds (68%) of women have set financial goals, with the top goals including: saving for retirement (57%), saving for vacations (51%), paying down debt (43%), and saving for a major purchase such as a car, large appliance, etc. (32%). Despite the fact that three-quarters (75%) of women feel like they are in control of their finances, this figure still trails men (78%) by a significant margin.

More than one in three (35%) women, and statistically higher proportions relative to men (30%), think uncertainty about their financial future is holding them back from making financial progress. This result suggests that the gender gapmight continue to persist into the future unless something changes. However, the future can be better, as evidenced by the fact that over three-fifths (62%) of younger Gen Z women (18–24-year-olds) report growing up in families that supported financial literacy conversations. By comparison, less than half (44%) of women overall claim to have been supported in this way, during their upbringing, indicating the younger generation might offer some hope for women of the future.

About the Study

These are the findings of an Ipsos survey conducted on behalf of BMO. Fieldwork was conducted between January 2 and 19, 2024. A total of n=2,500 Canadians aged 18+ participated in the survey which was fielded via the Ipsos’ panel. Quotas and weighting were used to ensure the sample's composition reflects that of the Canadian population according to census parameters. This survey has a credibility interval of +/- 2.4 per cent 19 times out of 20, of what the results would have been had all Canadian adults 18+ been surveyed.

For more information on this Factum, please contact:

James Cottrill
Senior Account Manager, Ipsos Public Affairs
+1 416 324 2900
[email protected]

About Ipsos

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