Methodology in Context, London, November 22 2018

The Pension Problem For Women

Thanks largely to workplace pension reforms, participation in pensions has been increasing across all ages, even among those aged below 34 years (Office for National Statistics [ONS], 2016b). But despite these positive trends, it remains the case that many of us—15 million in fact—are not saving enough for our retirement. The harsh reality is that to maintain our living standards, in our later years, we may need to work well into our 70s and 80s (Financial Conduct Authority [FCA], 2017). With mounting evidence of a "gender financial security gap," it is women who are much more likely to face the prospect of an underfinanced retirement. According to the latest data from the ONS (2018), women's median pension wealth in retirement is less than half of that of men's median pension wealth.