Fonds de solidarité FTQ highlights challenges for women
By William Crooks
Local Journalism Initiative
The Fonds de solidarité FTQ hosted a regional meeting in Orford on Monday to spotlight a critical financial issue: the persistent gap between men and women’s retirement savings in Quebec.
According to data shared during the event, women currently retire with an average of 28 per cent less savings than men. The Fonds, which has 800,000 shareholders across Quebec, aims to raise awareness of this disparity through its Economic Training Centre and its network of local representatives, known as RLs, who promote retirement planning across the province.
Patrick McQuilken, spokesperson for the Fonds, explained in an interview that regional meetings are held annually to provide training and encourage exchanges among these representatives. “This year we’re really concentrating on the gap between men and women in retirement savings,” he said, noting the urgency of addressing the almost 28 per cent difference.
Rima Chaaban, Director of the Economic Training Centre at the Fonds de solidarité FTQ, emphasized that the causes of this gap are largely systemic. During a Tuesday interview, she pointed to wage disparities, career interruptions, and caregiving responsibilities as key factors. “There is a salary disparity, which is a systemic problem, not a problem of individual savings,” she said. “Women often have less linear professional paths, including maternity leaves, which not only affect salary directly but also limit their contributions to retirement savings.”
Chaaban added that women tend to retire earlier than men, with an average retirement age of 62 compared to 64.6 for men. This shorter career span, combined with lower average salaries and higher likelihoods of unpaid caregiving roles, compounds the financial shortfall. “Women also live longer, which makes the situation even more challenging,” she said.
Although systemic reforms are beyond the Fonds’ direct mandate, Chaaban stressed the importance of individual financial education as a way to mitigate the effects. “We focus on the factors women can control,” she said. “Preparing a budget, understanding family expenses, and prioritizing automatic payroll deductions for retirement savings are crucial steps.”
