Women’s Pension Life Journey Revealed

Politics Home reports on findings from the Chartered Insurance Institute in their Insuring Women’s Futures report. The article states “Women today are living longer, are better educated and have greater access to career opportunities, but with earnings forming the basis for pension saving, the gender pay gap is a major contributor to women’s pension deficit. The average pension wealth of women aged 65 is £35,800 – just 1/5th of men the same age, a mere fraction of their financial needs in retirement irrespective of their end of life care costs – on average £132,000 for a 65-year-old woman entering a care home in the UK. Despite the employment gap between working mothers and non-mothers being due to close by 2022, women still spend twice as much time caring for children and the home as their partners (36 hours compared with 18 hours). Almost two-thirds of mothers who return to work do so part time and earn on average 30% less per hour than their full-time female colleagues, impacting their and their employer’s contributions into a pension for them over their working life.“ Read the full article https://www.politicshome.com/news/uk/economy/opinion/chartered-insurance-institute/99325/deficit-thousand-cuts-shocking-insights