Women are better savers than men
Women, it seems, are heeding the message about saving for retirement and are saving more for their future than men, after adjusting for earnings. However, the fact that women are saving more as a percentage of their earnings, but still achieving lower balances in their pension plans, shows the effect that the gender pay gap continues to have.
Women also tend to be hampered in their attempts to save for a comfortable retirement by disrupted work patterns as they take time out to raise a family, or look after ageing parents.
A survey conducted by Prudential8 showed that women’s expected retirement income has hit a record high this year, but they still have an average retirement income that’s likely to be around £5,000 lower than men.