Half of female respondents save less than £100 a month into a pension

Nearly half (48%) of women save less than £100 per month into a pension, according to research by YouGov.

The research, which surveyed 2,014 UK adults, found that this saving is around one-fifth of the amount men invest in a pension scheme.

The research also found:

  • 58% of women admitted to finding pensions confusing, compared to 44% of men.
  • Of those women who do have a pension, 46% actually know what type of pension it is. This is far less than their male counterparts (62%).
  • 55% of women said that they always read their annual pension statement.
  • 73% of the women aged 40 and under want more information on pensions.†
  • 53% said they worry about how they will afford to live in their retirement.
  • 39% of women, compared to over half of men (56%), think their retirement plans will allow them to have a comfortable lifestyle when they retire.
  • 24% of women aged 40-54 have not even started thinking about saving for retirement, compared to just 16% of men in the same age group.

Adele Gritten, head of financial services at YouGov, said: “Pension providers must meet that need, in a format that is clear and concise, so that today’s busy woman can take control of saving for their retirement.

“There’s a real need for pensions that take account of women’s maternity leave and career breaks. The government is already planning to close the gender gap in pensions with the introduction of a flat-rate state pension next year.

“Our research indicates that women expect similar initiatives from the private sector. Those providers that step up to fill this void are looking at a large untapped and unfulfilled market.”

Read more articles on the gender gap and pension schemes