Women are faring less well than men on almost all key financial wellbeing measures. However, the biggest gaps relate to pensions and retirement planning. In particular, women are:
- Less likely to say they understand enough about pensions to make decisions about saving for retirement – 59% of women say this, compared with 43% of men.
- Less likely to have a plan for their finances in retirement – 60% of women say they don’t have a plan, compared with 44% of men.
This is perhaps in part due to fewer women being in full-time employment compared to men and often on lower personal incomes. Women may also be in multiple lower paid jobs which fall below the threshold for automatic enrolment.
The gap between women’s and men’s financial wellbeing tends to be smaller for medium and shorter term financial issues.
The key drivers for lower levels of financial wellbeing among women are interconnected with structural gender inequalities that exist in wider society. To have a sustained and long-lasting impact, the issues affecting women that begin in early years and span education, working life and retirement need to be addressed in a coherent and connected way, with the responsibility for driving change shared across all genders.