You are probably familiar with the gender pay gap — the fact that women are often paid less than men for doing the same job. But another example of inequality that receives less attention is the gender gap. On average, women have substantially less money saved for their retirement than men.
So why is that? And what should women do about it? ROBIN POWELL has been discussing the issues involved with personal finance journalist MOIRA O’NEILL.
RP: Moira, what exactly do we mean by the gender pension gap?
MON: The pension gender gap is the difference in income in retirement between men and women. There was a report from the Prospect union in September 2020 which showed that the difference was as great as 40 per cent, and that’s quite shocking. It amounts to a difference in retirement income of £7,500 a year. We’ve got a position in the UK where retired women just don’t have as much income as men. The gender pension gap really is a serious issue.
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