3 steps advisers can take to close the gender pension gap
24 September 2024
Women have to work an extra 19 years, on average, to retire with the same pension savings as men. To close the gap, a girl would need to start saving into a pension at the age of 3, according to NOW: Pensions’ 2024 gender pension gap report.
The gender pay gap plays a significant role in this discrepancy. Men tend to earn more over the course of their career, making it easier to contribute towards their pension and build a substantial nest egg.
Meanwhile, women are more likely to take a break from their career to take care of their children. A 10-year career break can amount to £39,000 in lost pension savings.
Find out what advisers can do to close the gender pension gap.
