Women accumulate on average £56,000 in their pension funds by age 50 compared to £112,000 saved by men, research by Aegon has found.
The data showed that the gender gap rises with age, as women aged 50, who want to match their male counterpart's pension at retirement, would need to pay an extra £360 into their pension pots each month. The study, part of Aegon's Readiness research, was carried out with a sample of 2000 participants aged 18 to 65. According to Aegon, a number of factors including gender pay gap and time spent out of employment to raise children means women are less able to build up pension pots. Commenting on the results, head of pensions Kate Smith said: "It's shocking that 100 years after women ...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes