The gap between men and women's pension savings is closing according to Aegon's latest Readiness Report but men's pension savings are still almost 3 times larger than women's so there is still some way to go.
This report shows the average women's pension savings have increased by c.22% over the last 3 years with £24,900 in 2017, £20,400 in 2016 and £16,700 in 2015.
Whilst this is great news and is principally attributed to auto-enrolment, the raised profile of the importance of pension savings and the influence of gender pay gap planning, women still have a long way to go to catch their male counterparts whose average pension savings in 2017 are £73,600 - almost 3 times higher.
Career breaks to raise a family and the gender pay gap are inevitable contributors to this state. But the report also cites a lower level of engagement with pensions in women, a lack of understanding of the information issued by pension providers, a lack of online services and a fear of facing up to the sheer lack of savings as some of the biggest reasons for avoiding their pension savings problems.
Like the gender pay gap providers, employers and the industry at large needs to look at some distinct and active strategies to help more women to see how they can close that gap and quickly.
Women fall short versus men on pension savings Be the first to comment Financial AdviserBy Julia Faurschou Pension savings made by women are slowly on the rise but continue to trail that of men, whose pension pots are around here times larger on average.Men have saved an average of £73,600 while women have around £24,900 in their pension pots, according to Aegon’s latest Readiness Report.Women are gradually moving to close the gender savings gap, as average pension savings have increased from £16,700 in 2015 and £20,400 last year.