International Women’s Day celebrates the social, economic, cultural and political achievements of women around the world. It is also a time to take action to drive gender parity. Are you aware of the gender pension gap? Today in the UK, on average women are retiring with £123,000 less in their pension than men. Gender imbalances in pay, working patterns and time out of work for childcare and caring responsibilities are the key drivers of the pension gap.
Scottish Widows have conducted research into this important issue and have found that the average 25 year old woman is on track to retire with £100,000 less than a man. Converted into working years, she would have to work an additional 16 years to age 81 just to reach the same level of pension as a man. The structural imbalances in the labour market, that impacted generations before, still persist today, compounded by the gender pay gap. As we celebrate International Women’s Day, let’s start a conversation about pensions and how we can end the gender pension gap.