By Margaret Franklin

Women get paid less than men.

In fact, it’s been well documented that, worldwide, women make only 77 cents for every dollar earned by men. Less well-known, and partially a result of that very pay gap, is the pension gulf between men and women.

The gender gap in pensions is a real issue and it needs to be fixed. This year, “The Mercer CFA Institute Global Pension Index Report” explored the gender pension gap that exists in every retirement system surveyed. The average gender gap in benefits between men and women comes in close to 30%, the gap being defined as the difference between the average male pension and the average female pension, expressed as a percentage of the average male pension.

That gap stands at around 34% in the U.S.

Globally, the report found that employment-related considerations, system design and socio-cultural issues contribute to this disparity. Yet one fact stands out: Women face daunting challenges when it comes to retirement income and are clearly disadvantaged versus men.

Why? The reason is clear: Less money earned, less contributed to the system.

Women also tend to have less linear career paths. They may work part-time at some point; they may have shorter careers due to child-raising and elder care; and they may retire earlier than men for a variety of reasons.

This, in turn, impacts their eligibility and credits in a retirement system. And socio-cultural issues such as a lack of affordable child care or the implications of divorce may further impact the benefits they receive later in life.

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