Research suggests women 'save just a third of amount men do' for retirement

15 Jul 2019

Research carried out by the Pensions Policy Institute (PPI) has suggested that, by the time they come to retire, women have saved just a third of the amount that men have for later life.

According to the research, women in their 60s have £51,100 saved in their pension pots, whilst men have £156,500 saved.

Experts stated that women working part-time and taking time off work impacts how much they are able to save for retirement.

The gender pay gap also affects savings: official figures recently revealed that women earn around 18% less than men.

Commenting on the research, Joanne Segars, Interim Chairwoman of Trustees at Now: Pensions, said: 'Not only are women typically less paid, but they are much more likely to work part-time or take time out of the workforce to care for children or elderly relatives.

'This time out of the workforce has a huge impact, and the part-time pensions penalty can't afford to be ignored. Policy and regulation around saving for retirement need to change to better reflect the changes in the workplace and society.'

Copyright

© 2019 Volans, Leach & Schofield. All rights reserved.

We use cookies on this website, you can find more information about cookies here.
Contact Us

Please call:
0113 245 7031

Quick links

Home | Contact us | Credit | Site map | Accessibility | Disclaimer | Help |


Registered to carry out audit work by the Institute of Chartered Accountants in England and Wales. Authorised and regulated by the FCA.

Our FCA Register number is 542783 which can be checked at www.fca.org.uk/register. The Financial Conduct Authority does not regulate taxation and trust advice, personal finance and some aspects of commercial property investment.

Volans, Leach & Schofield is a trading style of Volans Limited - Company number 07549089.

Registered in England and Wales with registered office at Volans, Leach & Schofield, 10 Blenheim Terrace, Woodhouse Lane, Leeds, West Yorkshire LS2 9HX .

Directors: Christopher Smart FCA CTA and Martin Knaggs FCCA.

Please check the information in the Disclaimer page before proceeding.