UK. Women face £100k pensions gap
Women in their 60s expect to have accrued a pension worth £51,100 to retire on, amounting to only a third of the value saved by men, at £156,500.
A report out this morning (July 11) showed that in order for women to draw the same pension income as men, they would need to have saved about 5 to 7 per cent more by retirement age.
The report Facing an unequal future – closing the gender pensions gap was compiled by workplace pensions provider Now Pensions based on research conducted by the Pensions Policy Institute with data from the Office for National Statistics.
It stated that working part-time to balance caring responsibilities had the biggest impact on women’s ability to save for their future, resulting in a 47 per cent reduction in women’s pension wealth, when compared to men’s by their late 50s.
This has a bigger impact than the gender pay gap, which cuts women’s pension savings by 28 per cent, it stated. Women currently earn 18 per cent less on average than men.
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