IFAs have warned that the gender pension gap is set to get worse as above-target inflation and the cost-of-living crisis are impacting women's ability to save, with the problem structural as well as financial.
The Department for Work & Pensions (DWP), which analysed data between 2020 and 2022, has now estimated that the gender pension gap is 48%. The DWP found that among adults aged 55–59, women's median private pension wealth was £81,000, just more than half the £156,000 held by men in the same age group. Meanwhile, the Office for National Statistics found earlier this year that in the private sector, 76% of female employees had a workplace pension in 2024 compared with 81% of male employees. In contrast, 90% of male employees and 90% of female employees had a workplace pension in the p...
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