What is the gender pension gap and how can women make more of their pension?

The rising cost of living seems to be having a bigger impact on women’s finances. But there are lots of things you can do right now to help you take ownership of your pension. Read our tips for some inspiration. Standard Life Retirement Voice 2022 report – which surveyed almost 6,000 British people on how they think and feel about retirement – revealed that the rising cost of living is disproportionality affecting women. And as a result, the gender pension gap is getting wider. The good news is that spending more time understanding your pension savings can help you feel more in control of your financial future. We have a range of resources that can help you or someone you know, as well as some suggestions on quick things they can do right now. What is the gender pension gap? It’s the difference in retirement income between men and women, with women tending to have less pension savings to retire with than men. The causes behind the gender pension gap are complex, but it’s partly caused by a combination of the gender pay gap and how life events can impact women – such as motherhood, divorce, and caring responsibilities – which make it more difficult to save for the future. Pension tips that could help women make more of their money Whilst the gender pension gap isn’t a simple issue to fix, there are lots of things women can do right now that could help them feel more in control of their pension savings. Check if your pension savings are on track. Arming yourself with knowledge is a good way to help you make more confident decisions. So if you’re unsure if you’re saving enough, finding out how much you have in your pension pot (or pots) now could help you understand if you’re on track for the retirement you want. Stop and think before you consider cutting back on pension payments. 20% more women than men say they would cut back on their pension contributions as a way to deal with rising costs, according to our research. If you’re considering stopping your pension payments, it’s important to consider the impact that this may have on your future plans. Stopping payments means you may miss out on pension contributions from your employer as well as valuable tax relief. If you need to cut back, think about reducing your payments, rather than stopping them altogether. That way, you can still benefit from tax relief or employer contributions. See if you can get more from your workplace pension plan. If you’re enrolled in a workplace pension, then your employer has to pay in a minimum of 3% of your qualifying earnings into your pension pot. But some employers may pay in more than the required minimum as part of their benefits package. In some cases, they may match your contributions up to a certain percentage – which could significantly boost the amount going into your pension pot. So it’s worth checking if your employer offers this. #synergi #financialplanning #pension

7th April 2023
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What is the gender pension gap and how can women make more of their pension?

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What is the gender pension gap and how can women make more of their pension?

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