Women have smaller pension pots than men

THE average woman has half the pension pot accumulated by her male counterparts.

Omens have proven consistent in making contributions to their retirement plans, according to a study conducted by Standard Life, but tend to set aside less than men.

The average pension pot for women is €89,000 while the average for men is €170,000, according to the Standard Life Retirement Pulse, which surveyed over 1,100 people across Ireland.

Although women make more monthly payments into their old-age provision, they put around 63 euros less per month into their old-age provision on average.

They are also less confident about taking advantage of the tax breaks available on their contributions.

Almost a quarter are unsure about making the most of their retirement.

The results show that men are more confident in their pensions and are more likely to keep up to date with the development of their funds.

The deficit in both contributions and financial confidence leaves many women feeling short and emotionally drained throughout their retirement savings journey, Standard Life said.

More than half of women of all ages reported worrying about their finances, with pensions seen as a contributing factor.

Those without a pension were more likely to report feeling anxious, according to the survey conducted by Research Plus Ltd on behalf of Standard Life.

Although they tend to look forward to it and make plans to make the most of it, women continue to be less likely to have a plan and feel prepared.

Four out of ten women have no retirement savings and a third of men feel unprepared.

Women are more excited about retirement than their male counterparts.

This gender gap is consistent across characteristics such as employment status, income, and pension ownership.

Almost a third of men do not find retirement attractive.

The desire to travel more tops the list of retirement plans for both men and women, but women are more likely than men to want this.

Spending more time with family is the second most common wish.

Retirement is then used to learn new things and skills.

Men are more likely to express a desire to continue working after retirement.

“While we have seen positive momentum in closing the coverage gap, the contribution gap is significant and confidence, particularly confidence in your retirement plan, is critical,” said Sinead McEvoy, Standard Life’s head of technical solutions.

She said research shows that by owning and working with an annuity, people are less likely to report feelings of financial anxiety.

https://www.independent.ie/business/personal-finance/pensions/women-have-smaller-pension-pots-than-men-41470014.html Women have smaller pension pots than men

Fry Electronics Team

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