Gender pensions gap fears prompt women into action

Forty-four per cent of working aged women with a workplace or a private pension have taken action regarding their pension in light of hearing about the gender pensions gap, according to new research published by Barnett Waddingham.

The consultancy firm suggested this is despite the problem being a consequence of an outdated UK pensions system that is “intrinsically biased” toward men and is failing to support women.

The findings, based on responses from 2,001 UK adults between, of which 1,023 respondents were women, suggested that many women have taken steps to engage in conversation with both loved ones and professionals having heard about the gender pensions gap.
 
A tenth (9%) of women have spoken to their partner about pension savings and the pensions gap, while 8% have sought financial advice to increase retirement savings. Barnett Waddingham also revealed that women with a private pension or SIPP are much more likely to have sought financial advice, at 13%.
 
The research also determined the steps women are planning on taking with regards to their pension. Over half (55%) plan on taking some action in light of the gender pensions gap, while a fifth (20%) of women are planning to increase monthly contributions into their pension, in order to build more substantial retirement savings. The findings also indicated that 14% of women plan on seeking financial advice.

Barnett Waddingham policy and strategy lead, Amanda Latham, suggested that recent months had shed light on the gender pensions gap and left women “dangerously underprepared financially for retirement”.

“It seems that this is not falling on deaf ears,” Latham said.

“A proportion of women have acted already to either build their savings or seek support from professionals or loved ones, and even more are planning on taking significant steps to close the gap themselves.

“While this is encouraging, it’s critical that the onus for change does not fall on individuals alone – the pension system is intrinsically biased towards men, creating a stark disparity in wealth at retirement that needs to be addressed at its core. 

“It’s therefore not enough to simply say that women need to contribute more to close the gap. Instead, we need to consider fiscal, behavioural, and societal issues collectively, and work to create a more robust and inclusive pensions framework that offers fairer solutions for all.”

    Share Story:

Recent Stories


FREE E-NEWS SIGN UP

Subscribe to our newsletter to receive breaking news and other industry announcements by email.

  Please tick here to confirm you are happy to receive third party promotions from carefully selected partners.


Helping the credit challenged get mortgage ready
A rising number of borrowers are finding it harder to access mortgages due to being credit challenged - whether that’s from historic debts, a county court judgment, or having little to no credit history.

In the latest episode of the Mortgage Insider podcast, Phil Spencer is joined by Eloise Hall, Head of National Accounts at Kensington Mortgages, and Alastair Douglas, CEO of TotallyMoney.


Inside the world of high net worth lending
The mortgage market continues to evolve, and so too does the answer to the question: what is a high net worth individual in today’s market? In this episode of the Mortgage Insider podcast, host Phil Spencer is joined by Stephen Moroukian, Head of Product and Proposition for Real Estate Financing at Barclays Private Bank, and Islay Robinson, founder and CEO of Enness Global. Together, they explore what brokers really need to know when supporting high net worth individuals.

The future of the bridging industry and the Autumn Budget
MoneyAge content editor, Dan McGrath, is joined by head of marketing at Black & White Bridging, Matt Horton, to discuss the bridging industry, the impact of the Autumn Budget and what the future holds for the sector.