Retirement gender pay gap

A recent study by Prudential found women retiring this year will be on average £6,400 worse off per year than their male counterparts. The “retirement income gender gap”, as it is described, has grown by £1,000 since 2016 and is at its highest level in three years.

Despite this, the study found women feel more financially prepared for retirement in comparison to previous years. The Department for Work and Pensions comment they expect women’s pensions to increase over the coming years due to the increase in flexible working and women staying in work longer.

However, this study makes it clear there is still some work to do to ensure the pay gap is minimised and equal opportunities are given to ensure all are able to build the savings needed for retirement.

Gender pay gap issues generally are a current hot topic for employers and the Ashtons People Solutions are working with businesses in East Anglia to ensure compliance.