Happy International Women's Day!
March 8, 2023
March 8 is International Women’s Day. This year’s theme is #EmbraceEquity, imagining a gender equal world. A world free of bias, stereotypes, and discrimination. A world that is diverse, equitable, and inclusive and where difference is valued and celebrated.
At the AOMBT, we are aware of the imbalances that still exist to achieve gender equality including in areas such as the Gender Pension Gap (GPG) – the difference between retirement income received by men vs retirement income receive by women. In every OECD member country, men are receiving larger pensions than women, with Canada being no exception.
Canadian women received an average of 18% less retirement income than men in 2020, according to a report by Ontario’s Pay Equity Office. “Women have been receiving less retirement income for at least 44 years, so the gender pension gap has persisted even though women’s labour force participation has actually increased and the gender wage gap is narrowing overtime,” as reported by Kadie Ward, commissioner and chief administrative officer at Ontario’s Pay Equity Commission. Many women are also at greater risk of outliving their retirement savings.
So what can be done?
The AOMBT is committed to educating our plan members about their investment and retirement savings options. Knowledge is power. Log in to Understanding Your Plan and go to your Resource Library for access to financial education webinars on topics including investing and retirement planning.