• Three tenths (30%) of women do not have any private or workplace pensions, and will receive a state pension only at retirement, almost double the amount of men (17%) in the same position – showing that women have less savings and are less prepared for a financially stable retirement.
  • The pensions gap widens even more, later in life. Almost two fifths (38%) of women over 55 will rely on a state pension only, compared to 17% of men over 55.
  • The study shows that auto-enrolment is having more of an impact on younger workers, with 59% of millennial women (age 25-34) holding a workplace or occupational pension – more than the 58% of millennial men who do so.
  • But it’s after the age of 35 that the pensions gap begins to diverge. By ages 45-54, 14% more men than women hold a workplace pension, at 67% compared to 53% – suggesting that auto-enrolment stops being as effective for women in mid-life, perhaps as a consequence of parental responsibility leading to part-time or lower-paid work.

Amanda Latham, Policy & Strategy Lead at Barnett Waddingham, commented: “The findings of our research are stark; women are twice as likely than men to be walking into retirement with insufficient funds. For many, a state pension alone is simply not enough to cover the costs of a comfortable retirement. Without the additional support of a private or workplace pension, people could face financial instability in later life or a total change in lifestyle. While auto-enrolment is getting more younger women on the path to retirement savings, women in mid- and later-life are more likely to be disadvantaged. For example, our previous study into the gender pensions gap found that women taking a career break to have children are more likely to fall behind and end up with less in their pension pot at retirement.

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