The latest Wealth & Assets Survey by independent financial services consultant Broadstone shows that men and women have a significant difference when it comes saving for retirement across all age categories.
Men aged over 16 have an average private pension saving of PS75700, whether it is money they actively contribute to, are preserving for retirement, or receive as payment. It is almost twice as much for women, whose median pension savings are PS42,500. The trend is apparent across all age groups, but the gap is widening significantly among those nearing the end of their careers. Men aged 45-54 have a median private pension worth of PS108.100, which is over PS50,000 higher than women, whose median savings are PS57.900.
Men aged 55-64, 65-74 and men aged 65-74 have median private pension assets of PS193,900, respectively. This is significantly higher than the savings of women in these age groups of PS105.200, respectively.
Rachel Coles is a Workplace Engagement Consultant for Broadstone. She said, “The Wealth & Assets Survey provides concrete figures on the disparity between men and woman in terms of pension saving. Private pension savings can provide a supplementary income in retirement to the State’s sources, such as benefits or State Pension. The problem of inadequate pensions is well-known and understood. However, this data is crucial in identifying specific groups of the population that will be worse off.
The data shows that women need more support to encourage them to save for their pensions. Other initiatives to lower the barriers women face to progressing in their earning will also help support this drive. Financial education is a key part of raising awareness about the importance of saving later in life, the tax-efficient benefits of pensions, and how factors such as starting to invest as early as you can can help maximise your savings at the point of retirement. The data shows that couples with unequal wealth distribution need to plan their estates carefully to ensure that wealth can be passed from husband to spouse in the event of death.
The original HR News article Men are twice as likely to have a pension than women on average appeared.
