There continue to be significant differences between Canadian men and women in how they save and invest their money, what they choose to invest in and how much money they invest, according to the “He Says, She Says” findings within the 22nd Annual RBC RRSP Poll.

In Canada, more men than women save and invest in RRSPs (63% compared to 58%), but more women than men save and invest in TFSAs (53% compared to 48%).

On average, the amount of money in RRSPs held by men exceeds that for women by $12,000 ($79,663 compared to $67,518); men also have slightly more funds in their TFSAs ($8,730 compared $8,007).

Men are less likely to worry about balancing savings for immediate needs versus putting money away for the longer term or retirement (73% compared to 80%).

As a top financial priority, women focus more on making regular payments to reduce or eliminate debt (50% compared to 47%); for men, saving for retirement is more important (51% compared to 46%).

“The differing attitudes of women and men about savings and investments have a real impact on their financial futures — how women and men look at RRSPs and TFSAs is a good example,” says Jason Round, head, financial planning support, RBC Financial Planning.

The RBC poll also found that men and women differ in the types of RRSP investments they prefer. Men opt for mutual funds (56%) more than women do (37%); more women than men invest in GICs or term deposits (33% compared to 24%). The differences are even more striking when looking at stocks, with more than twice as many men making these investments compared to women (22% and 10% respectively).

“These are very similar to our findings last year, where we noted that women tend to be more conservative in their investments — they want steady returns and the flexibility to be able to take care of more immediate financial needs,” added Round. “Men are more comfortable with investments that go through cycles. What’s missing for more men than women though is a financial plan that’s actually written down rather than in their head. Without a written plan, it can be difficult to see how your investments are supporting your short- or long-term financial goals or to take the right actions to stay on track.”

The survey was conducted by Ipsos Reid between Oct. 24 and Nov. 15, 2011 via a random sample of 1,224 adults in the general population (aged 18 and over).