The retirement gender gap is real. Here’s how women can prepare for it.

Everyone juggles different priorities. But for women, the added pressures of the gender pay gap, unpaid caregiving, and potential maternity leave must also be considered when saving for the future. We’ll take a look at how these factors play a small but important role, and what women can do to ensure a more secure future. 

With women working more than ever, you might be asking yourself: Is the pay gap between men and women still as big as it used to be?

In 2025, women aged 15 and over still earned an average of only 88 cents for every dollar earned by men. And while this difference may not seem significant from one paycheck to the next, it can still add up and make a difference in the long-term.

The wage gap can also explain why the gender pension gap— the difference in retirement income between men and women— is now 17%.

To add to this,  64% of unretired Canadian women say they don’t feel prepared for retirement, compared with 49% of men. If this sounds familiar, here are some potential causes of your financial stress and how you can address them.  

Aside from the financial gender gaps, many women also have to balance work with unpaid caregiving. Women are more likely than men to be in these unpaid caregiving roles, which can affect the amount of paid work they’re able to take on.

In fact, two-thirds of non-retired ‘sandwich caregivers’ (those caring for both parents and children) said that caregiving had affected their employment or job-seeking activities in some way. This may have included a need to adjust schedules, reduce hours, or take on fewer responsibilities at work.

If you’re in this position, it may be worth asking your employer about flexible working options, benefits, or employee assistance programs. You could also speak with an advisor about how a temporary change in income could affect your long-term savings, and whether you could keep contributing, even at a lower amount, while your caregiving demands are higher.

More men than ever are taking parental leave and benefits, but mothers still leave at higher rates and for longer periods than their partners. If you’re planning to take leave or are returning from it, consider checking how this may affect your workplace retirement plan. You should also think about whether you can continue contributing while you’re away, or how you might catch up when you return. Any small steps you take today will add up over time.

Talking to an advisor is one way to start. An advisor can help you spot where you may be able to increase what you save or even how to make the most of your workplace savings plan, group RRSPs, and employer matching. 

If you feel more comfortable taking things into your own hands, you could focus on building an emergency fund, paying off high-interest debt, and setting up regular automatic contributions to your retirement plans, even if it’s a small amount. Once these habits are in place, you can easily increase the amounts when your income goes up or your expenses go down.

Women’s retirement outcomes often reflect a lifetime of small financial setbacks that accumulate and then go unnoticed until it’s too late. The good news is that now you know about them, and you can take the necessary steps to better prepare.

You can start small, even by reviewing your workplace plan and checking whether you’re getting the full employer match, or by increasing your contributions when possible. There are also retirement tools you can use to estimate what you may need so you can have a clear goal to work toward. And remember, talking to a financial advisor can also personalize the support you receive when putting a financial plan together. 

You don’t have to solve everything at once, nor should you end up with less because you’ve spent your life doing more. Whether you’re building your career, caring for your family, starting over, catching up, or simply trying to find time to plan for your future in a busy life, always remember that your future matters. The sooner you start planning or asking for support, the more control you’ll have over creating a future that feels more secure and more your own.