However, despite these moves, the same research found that 45 percent of women are not planning to do anything with their pension and “this could indicate that they are already on track to a desired retirement lifestyle, or, and perhaps more likely, that there remains a lack of education and knowledge surrounding the disparity in retirement wealth and how to fix it.”
Amanda Latham, a Policy & Strategy Lead at Barnett Waddingham, reflected on these findings.
She said: “Recent months have shed light on the gender pensions gap – leaving women dangerously underprepared financially for retirement – and it seems that this is not falling on deaf ears.
“A proportion of women have acted already to either build their savings or seek support from professionals or loved ones, and even more are planning on taking significant steps to close the gap themselves. While this is encouraging, it’s critical that the onus for change does not fall on individuals alone – the pension system is intrinsically biased towards men, creating a stark disparity in wealth at retirement that needs to be addressed at its core.
“It’s therefore not enough to simply say that women need to contribute more to close the gap. Instead, we need to consider fiscal, behavioural, and societal issues collectively, and work to create a more robust and inclusive pensions framework that offers fairer solutions for all. For almost a third of women relying on a state pension alone, the difference between a financially stable retirement and a total change in lifestyle could be severe, so a great deal more support and education is needed to reduce this figure.”