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Research suggests women ‘save just a third of amount men do’ for retirement

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Research carried out by the Pensions Policy Institute (PPI) has suggested that, by the time they come to retirement, 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.’

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