It’s a sobering fact that in the UK, women aged between 65 and 74 years old will have saved half as much money for retirement as men the same age, according to an analysis conducted by Scottish Widows to mark this year’s International Women’s Day. The analysis reveals that women in this age group will, on average have pension savings worth GBP 130,000, whereas men will retire with GBP 260,000 in their pot.
While the gap between the proportion of men and women saving adequately – defined as putting away a minimum of 12% of their salaries – disappeared for the first time on record in 2021, for older women these recent improvements have had limited impact.
Because women are more likely to work part-time in lower paid industries, and take more time out to bring up their families, a woman will need to work an extra 37 years to allow her to have a pension pot the same size as her male counterpart.
Read full article here: https://www.internationalwomensday.com/Missions/18113/Why-do-women-have-half-the-pension-of-men