UK. Pensions Gender Gap: How Can We Fight Future Financial Shortfall of Women
Women are being urged to think about their long term savings as research reveals almost five million females in the UK over the age of 50 think they won’t have enough to live on in retirement.
The figures are from a report – Finances after 50 – published by financial services provider SunLife.
It comes as a group of women recently failed in a high court appeal to claim compensation for lost State pension income as a result of the increase to State pension age.
The women, all born in the 1950s, and known as WASPI (Women Against State Pension Inequality) will lose out financially because the State pension age for women has risen from 60 to 65.
The WASPI group claim they were not given enough time to make adjustments to their financial plans and many are now facing financial hardship as a result.
In addition to issues with State pensions, the gender pensions gap is also a problem for women in the private and workplace pensions sector.
As many as one in three women over 50 don’t have a private or workplace pension compared to one fifth of men, according to SunLife.
What is more, research by the independent research group the Pension Policy Institute shows that, by their early 60s, the average pension wealth of women is worth just one third of men’s.
Read more @Forbes
