Pension crisis looms for UK women
That is according to new research by financial services firm Drewberry, which also shows that 75% of UK women have under £50,000 in their pension, compared with 57% of their male counterparts.
In addition, it was found that 24% of all female workers in the UK earn less than £11,000 – almost three times the number of men – while 66% take home under 25,000, compared with 42% of males.
This comes after the BBC was criticised last week when a significant disparity in salaries between its male and female staff was revealed, sparking a national debate about the gender pay gap.
“Once again our survey has highlighted the worrying level of financial inequality between men and women that still persists in this country,” Drewberry director, Tom Conner, said.
“A big concern is that with almost a quarter of employed women earning less than £11,000 a year, a great many will fall beneath the £10,000 a year earning ceiling for auto enrolment.”
“A much higher percentage of women are currently forced to work part-time hours. This provides a partial explanation, but statistically, women also seem to be far less engaged with the topic of pensions than men.”
The research also shows that, despite representing the majority of part-time workers, only 14% of UK women have a personal pension, compared with 24% of men.
Read full news here: The Actuary