Men over 50 more likely to have a private pension than women within the same age range
20 November 2019
According to a study conducted by Sunlife and published in the Financial Adviser, over a third of women aged 50+ have no private pension pot, as opposed to a fifth of men with no private pension provision.
The figures revealed lend themselves to the notion that there is a gender pension pay gap, which has been a topic that has fuelled much discussion of late.
The findings demonstrate how women over the age of 50 do not have much confidence that they will enjoy a comfortable retirement – a tiny 13% believe that they will have sufficient funds to support them during that stage of their life. 36% explicitly stated that they do not have enough saved. 35% of the women surveyed confirmed they had no private pension, which was nearly double the rate of men, where only 20% of respondents stated the same.
27% of individuals over the age of 50 were hopeful that their significant others’ pension would help them through retirement which increased to 30% amongst women. 12% planned to continue to work into their retirement in order to support themselves financially, whilst 11% were reliant on receiving an inheritance.
SunLife, when passing comment on the findings, discussed the idea that over 50s could use the value of their houses to boost their pensions as they have seen the value of their homes rocket in the last 25 years.
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