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Women hit by pensions gender gap

02/10/2017

Women hit by pensions gender gap  

(source Aviva Life & Pensions)

This year Aviva has put the spotlight on the ‘gender pensions savings gap’ in order to highlight the lack of pension provision and understanding of pensions amongst women versus their male counterparts.  Their insight shows that whilst the economy recovers, the pension savings gap is not being reduced, and this creates a specific need for additional awareness amongst women of the importance of saving for their retirement.

 

Here are some highlights from the research carried out by IPSOS Mori in June 2017 on behalf of Aviva:

  • Almost 4 in 10 women (37%) say they are concerned they won’t have enough money when they retire, compared to 27% of men
  • 24% of women don’t know how much they will need to be comfortable in retirement, compared to 14% of men.
  • Just 8% of women say they are taking steps to ensure they have an adequate level of income during retirement, compared to 22% of men.
  • 27% of women do not regularly set aside money for use in retirement, compared to 18% of men.A quarter of women have not considered the income they would need to be comfortable during retirement. This is compared to just 14% of men.
  • 5% of women end up working full-time in retirement to supplement their pension income, compared to 1% of men.
  • 44% of women say they don`t have an understanding of pensions and investments, compared to 27% of men.

 

In some ways we shouldn’t be surprised, given that women generally live longer, earn less, and often spend less time in the workforce than men due to maternity leave or time out of the workplace when children are young. 

 

But with 46% of our workforce today being female it’s time to reduce the gap!