The gender pensions gap could be as much as £183,936, according to research published by equity release lender, more2life, and economics consultancy, Cebr.
The latest figures revealed a gender pension gap of £183,936 which is a sharp increase in the difference between men and women’s retirement income compared to more2life’s research last year, which suggested a pension gap of £157,263.
This is despite women contributing more of their income into pension pots (9.4%) than men (8.3%).
Taking the average earnings of each gender in 2020, the research suggested that men (£3,184) can contribute more towards their pension pot than women (£2,340) – leaving the average woman needing to work an additional 14.5 years to catch up.
more2life CEO, Dave Harris, commented: “Although women appear to be better at saving into their pension, they still face a retirement that is less comfortable and financially secure than their male counterparts.
“The stark difference in retirement incomes highlights the need to address the root causes of financial gender inequality and better support women as they make choices around how to use their assets both in the lead up to and during retirement.”
more2life suggested the increase of £26,673 since last year also highlights the impact of COVID-19 on the retirement savings of over-55s.
The findings, based on 1,016 responses from individuals over the age of 55, showed that 30% of women say their financial situation has worsened since the start of the pandemic, hampering their ability to fund or save for later life. This compared to a quarter of men (24%) who said the same.
Harris added: “Today’s figures are another alarming wake-up call about the gender disparity in retirement. It’s clear that the COVID-19 pandemic has caused significant disruption to many people’s retirement savings, but the impact has been most acutely felt among older women.
“As we begin to think about what a post-COVID society looks like, it’s vital that the industry and government does more to encourage women to engage with long-term financial planning.”
Latest News
-
Chancellor revives ISA allowance reforms
-
Titan Wealth agrees acquisition of Blacktower Group
-
SIPP withdrawal requests jump 33% ahead of Autumn Budget
-
Savers increasing allocations to fixed accounts, research shows
-
Average mortgage rates creep up for first time in eight months
-
Air warns older borrowers could be in for mortgage shock
NEW BUILD IN FOCUS - NEW EPISODE OF THE MORTGAGE INSIDER PODCAST, OUT NOW
Figures from the National House-Building Council saw Q1 2025 register a 36% increase in new homes built across the UK compared with the same period last year, representing a striking development for the first-time buyer market. But with the higher cost of building, ongoing planning challenges and new and changing regulations, how sustainable is this growth? And what does it mean for brokers?
The role of the bridging market and technology usage in the industry
Content editor, Dan McGrath, sat down with chief operating officer at Black & White Bridging, Damien Druce, and head of development finance at Empire Global Finance, Pete Williams, to explore the role of the bridging sector, the role of AI across the industry and how the property market has fared in the Labour Government’s first year in office.
Does the North-South divide still exist in the UK housing market?
What do the most expensive parts of the country reveal about shifting demand? And why is the Manchester housing market now outperforming many southern counterparts?
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories