Research suggests women 'save just a third of amount men do' for retirement
15 Jul 2019
Research carried out by the Pensions Policy Institute (PPI) has suggested that, by the time they come to retire, women have saved just a third of the amount that men have for later life.
According to the research, women in their 60s have £51,100 saved in their pension pots, whilst men have £156,500 saved.
Experts stated that women working part-time and taking time off work impacts how much they are able to save for retirement.
The gender pay gap also affects savings: official figures recently revealed that women earn around 18% less than men.
Commenting on the research, Joanne Segars, Interim Chairwoman of Trustees at Now: Pensions, said: 'Not only are women typically less paid, but they are much more likely to work part-time or take time out of the workforce to care for children or elderly relatives.
'This time out of the workforce has a huge impact, and the part-time pensions penalty can't afford to be ignored. Policy and regulation around saving for retirement need to change to better reflect the changes in the workplace and society.'