Women still £5,500 worse off in retirement

The report, released by the Prudential, indicates that the average woman expects to retire on £12,250 a year compared with £18,000 for the average man - a gap of £5,750.

However, the gap is falling and compares with last year's gap of £6,500 and £6,642 in 2009.

The gap is narrowing in large part because the men have singificantly lower expectations for their pensions.

In addition, the study found that the average amount that men and women expect to retire on in 2012 fell to a five year low of £15,500 including private, company and state pensions. This compares with £16,600 in 2011.

The retirement gender gap is widest in the south east, where women retiring this year expect to have £7,878 less on average than men at £12,259 compared with £20,137.

The gender gap is narrowest in the north west, with women expecting £13,087 a year, compared with £15,632 for men - a £2,545 difference.

Prudential retirement income expert, Stan Russell, said: "The Pension gender gap appears to be narrowing, but there is still a long way to go.

"Women can improve their retirement income prospects include maintaining pension contributions during career breaks and, if possible, making voluntary National Insurance contributions after returning to work."

 

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Income
• savings and investments
• Retirement
• Prudential