Gender gap in pensions savings hits new high

The gap between the amount men and women are saving for retirement has grown to a record high, according to research by Scottish Widows.

The eighth annual Scottish Widows Women and pensions report, which surveyed 5,200 UK adults, found that the gender gap in retirement savings has increased by more than 10% in the past 12 months.

Women are saving, on average, £776 per year less than men, higher than the £700 gender gap recorded in 2011.

Lynn Graves, head of business development, corporate pensions at Scottish Widows, said: “Important differences in lifestyle, such as being more likely to work part-time or have a full-time caring role, mean women often find it more difficult to save for the long term and retirement.

“It has therefore never been more important for the pensions industry, government and employers to raise awareness of this gender gap in retirement savings and help women prioritise their pensions.”

The research also found:

  • 26% of female respondents said they are saving nothing for retirement, compared to 23% who said the same last year.
  • 19% of male respondents said they are saving nothing for retirement, compared to 17% who said the same last year.
  • 31% of female respondents are prioritising debt repayments, while 42% are prioritising living expenses.