New research has uncovered that just 23% of UK women feel confident they can retire comfortably, while more than a third predict they will not be able to spend retirement on a decent income.
The 2023 study surveyed 4,000 adults in the UK and found that compared to men, fewer women have private pensions. Furthermore, it noted that the women who do possess a pension are saving less than men.
Men and women with concerns regarding their income in later life often consult retirement planning experts in Chester, London and other major cities. Offering holistic financial advice, wealth managers offer a comprehensive service, which includes retirement planning to help people prepare for the day they stop working and ensure they have adequate provisions.
The new report exposes a continuing gender gap in the UK regarding pensions. However, it did reveal some signs of positive change in younger women. Although women over 40 were generally less likely to possess a pension than men in the same age bracket (63% vs 80%), men and women in the 30-40 age range were equally likely to have such a provision in place (77%).
The study discovered that in total, women’s pension pots were significantly smaller than their male counterparts. It found the 26% of women currently have no formal type of pension savings, compared to only 16% of men.
Over half of all respondents who manage their pensions themselves admitted that they rarely look at their retirement savings.
