The UK has a 31% pension gender gap, with an average female pension pot of £16,083 compared to the average male pension savings of £23,416, according to research by PensionBee.
Its analysis of 5,098 individuals who save into PensionBee pensions also found that the gender gap in Northern Ireland is 76%, with women having average retirement savings of £4,031, compared to men’s average pension pot of £16,485.
Scotland has a 32% pension gender gap, as female savers have accrued an average pension of £15,737, compared to male savers with £23,291. Wales, on the other hand, records a pension gender gap of 51%, with women able to rely on an average pension of £8,552 and men saving £17,417.
Greater London has a 27% pension gender gap. Women have been able to save an average pension of £19,415, compared to men’s average pension pot of £26,538.
Female pension savers aged over 50 have an average pension of £31,254 and men over 50 have an average pension of £53,449. This equates to a pension gender gap of 42%. For individuals aged between 40 and 49, the gender gap is 30%, with women saving on average £26,901 into their pension and men saving £38,384.
Female pension savers under 29-years-old have saved an average pension pot of £3,309 while men have saved £4,927 into their pension. This is a 33% pension gender gap.
Romi Savova (pictured), chief executive officer at PensionBee, said: “It’s not fair that a pension gender gap exists, but given the reality of lower pay as disclosed by most UK [organisations], it is important that women take action early on to stop income inequality becoming a life-long burden.
“Targeted pension contributions are a great way to put women back on equal footing and something every woman should consider as part of her retirement planning.”