Women would need to work for an extra 19 years to retire with the same pension savings as men, according to data from the Pensions Policy Institute.
The research found women retiring at 67 – the new UK state pension age from 2026 – will have saved an average of £69,000, compared with £205,000 for men.
The data, published by the PPI and pensions provider Now: Pensions, suggests that under the current system, in order to close the “gender pension gap” a girl would need to start saving at three years old to retire with the same amount of money as working men.
Career gaps, caring responsibilities, childcare costs and lower earnings all contribute to the disparity.
And the problem with this is what?
If you defer less money from your working income over the years into that pension provision for your old age then you’ll have deferred less of your working income into your pension.