Great Britain

Women need to work ‘nearly 40 years longer’ than men to get same pension pots

PAY GAP WOE

YOUNG women today will typically need to work nearly 40 years longer than men to get the same pension pots, calculations reveal.

They can expect to have £100,000 less on average in private funds at retirement, Scottish Widows said.

Lower average earnings, part-time work only and taking time out to care for families mean women would take nearly four decades to catch up.

As International Women’s Day today highlights progress in gender equality, there is still some way to go before the pensions gap closes.

A woman currently in her 20s will have to work 37 years longer than a man the same age to get the same retirement income, the study says.

Jackie Leiper, from Scottish Widows, said: "We know that young women have been some of the hardest hit by the short-term financial impact of the pandemic.

"This has only exacerbated the challenge of reaching pensions parity.

"At the same time, caring responsibilities and high childcare costs are keeping women out of the workforce, lowering their contributions and denting their pension pots."

Emotional video celebrates tireless efforts of female frontline pandemic heroes

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