Women’s pension contributions fall sharply during career breaks – and they’re also more likely than men to work part-time.[2] It all contributes to a long‑standing challenge for women’s financial futures: the gender pension gap.
Women retire with almost half the private pension savings than men: £81,000 for women and £156,000 for men.[3]
The gender pension gap increased from 35% in 2018 – 2020[3] to 48% in 2020 – 2022[4] for those aged 55–59.
Based on Aviva’s workplace pension data for 5.5 million pension policies, on average men contribute over a quarter (27%) more than women into their pension savings every month.[5]
Research by the Money and Pensions Service has found that women are significantly less likely to engage in retirement planning and to develop a retirement plan than men.[6]
Only 19% of women feel financially secure in retirement (vs 32% of men).[7]
87% of women aged 65–75 say that having a secure, guaranteed income for life has become more important as they get older (vs 80% of men).[7]
