Research suggests women 'save just a third of amount men do' for retirement

15 Jul 2019

Research carried out by the Pensions Policy Institute (PPI) has suggested that, by the time they come to retire, women have saved just a third of the amount that men have for later life.

According to the research, women in their 60s have £51,100 saved in their pension pots, whilst men have £156,500 saved.

Experts stated that women working part-time and taking time off work impacts how much they are able to save for retirement.

The gender pay gap also affects savings: official figures recently revealed that women earn around 18% less than men.

Commenting on the research, Joanne Segars, Interim Chairwoman of Trustees at Now: Pensions, said: 'Not only are women typically less paid, but they are much more likely to work part-time or take time out of the workforce to care for children or elderly relatives.

'This time out of the workforce has a huge impact, and the part-time pensions penalty can't afford to be ignored. Policy and regulation around saving for retirement need to change to better reflect the changes in the workplace and society.'

Have we convinced you yet?

Please feel free to get in touch via phone, email or our quick contact form.

We offer initial free consultations – simply contact us to find out more.


ICAEW Chartered Accountants logo Sage logo chichester chamber of commerce and industry logo
Copyright

© 2019 James Todd & Co. All rights reserved.

We use cookies on this website, you can find more information about cookies here.
Contact us

Please call:
01243 776938
Lavant and Chichester
01273 470123
Lewes

Address
James Todd & Co, 1/2 The Barn, Oldwick, West Stoke Road, Chichester PO18 9AA
James Todd & Co, 16 Northgate, Chichester PO19 1BJ
James Todd & Co, The Mews, St Nicholas Lane, Lewes, East Sussex BN7 2JZ

James Todd & Co is the trading name of James Todd & Co Limited. Chartered Accountants and Registered Auditors. Registered No: 07350649 in England. VAT No. 322087875. ICAEW Firm Reference No: C002730145 and James Todd & Co (Lewes) Ltd (formerly known as Axtons). Chartered Accountants. Registered No: 11214467 in England. VAT No. 290460506. ICAEW Firm Reference No: C005791297

Registered to carry out audit work in the UK and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales. Details of our audit registration can be viewed at www.auditregister.org.uk

Details of our Designated Professional Body (DPB) activities can be viewed at register.fca.org.uk. A member of the ICAEW Practice Assurance Scheme.