The gender pension gap has narrowed to 1%, but the pay gap and part-time working ratio mean women are still saving less per year than men, according to Scottish Widows.
The insurer's Women and Retirement Report revealed the gender pension gap has reached its narrowest level on record, with almost three in five (59%) women now saving adequately, compared to 60% of men. Despite this, women saving adequately on the median wage are still saving £1,300 a year less than men due to an overall pay gap and part-time working ratio. This means for a woman to save the same amount into her pension as a man, she will need to work an extra 37 years, which would take her over the age of 100 if retiring at state pension age, a number that Scottish Widows suggests is ...
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