New data has revealed that nearly two-thirds of male workers (64%) are confident they will retire at the age they intend to, compared to one in two women (53%).
Insurance and financial services agency Canada Life surveyed 4,001 working adults in the UK who had received advice from a professional adviser and found that 45% of women did not think they had financial worries in retirement , compared to 58% of men. Men were also more likely than women to think they would stop working altogether when they retire at age 60.% and 55% respectively.
The research further highlighted that one in two men (52%) are likely to gradually retire by reducing their working hours over a number of years, while 40% of women said they would do more. same.
Fewer women (50%) than men (60%) think they will be able to financially support family members if needed after retirement, while 46% of women think they will be able to leave some amount of money to their relatives compared to 54% of men.
Sean Christian, managing director and executive director of the wealth management division of Canada Life, said the gender pension gap is currently estimated to be twice the gender pay gap. He explained that women are more likely to work part-time in low-paid work where they are not automatically enrolled in a pension because they do not meet the criteria.
“This inequality can only be corrected through decisive political action to close the retirement gap between men and women. Relatively simple changes to how auto-enrollment works today would benefit both men and women, but would go a long way to level the playing field.
“Changes such as removing the lower limit on contributions would allow more people to benefit from every pound they earn, while removing the £ 10,000 threshold would make automatic enrollment more inclusive and start leveling pensions for all “, did he declare.