Aside from private and workplace pensions, and cash savings, the overwhelming majority (75 percent) of over-55s rely or expect to rely on their state pension in later life as a source of retirement income, and this is similarly felt between men and women.
With a 2021 survey conducted by Which? finding that retirees spend an average of £1,085 per month and the UK Basic State Pension only amounting to £596 per month, it is more important than ever that UK adults consider their financial retirement plan carefully, including alternative sources of income.
Dave Harris, Chief Executive Officer at more2life, commented on the findings, emphasising that the research indicates a difference between men and women in terms of their retirement outlook.
He said: “Today’s research is further evidence that the later life income discrepancy between men and women is a serious issue that we need to comprehensively address.