Women’s retirement plans are being disproportionately impacted by the cost-of-living crisis compared to men, according to new research from My Pension Expert.
In a survey of 2,000 adults, 61% of working women said the cost-of-living crisis has made retirement seem impossible, compared to 49% of men.
While 49% of men remain confident that they will be able to retire at their desired age, this figure falls to just 29% among women.
Men were also more confident in their ability to have the right financial tools in place for their retirement, with 42% of men stating they have the savings and plans in place to sustain their current lifestyle into retirement, versus 26% of women.
The research also highlighted a gender gap around pension pots, with less than a third (32%) of women able to cite the value of their pension compared to 44% of men.
Lily Megson, policy director at My Pension Expert, said: “The gender gap has loomed over the pension sector for decades. And as the cost-of-living crisis bites, this deeply embedded systemic issue is becoming more acute. Indeed, our research indicates that women are feeling as though their future finances are spiralling out of control.”
Megson said that while there is no ‘quick fix’ solution, action is needed to eradicate gender bias across the board, from the affordability of childcare through to reducing the earnings requirement for auto-enrolment into workplace pensions.
Megson added: “The government, as well as businesses themselves, must commit to addressing these problems if we are to make any headway. Such change will take time. However, that does not mean that women should remain unsupported in the interim.
“As a priority, independent financial advice must be made more accessible, so that women can better understand their financial situation, and the options available that suit their specific needs. I urge the government to work closely with regulatory bodies and advisers to make this possible. In doing so, I hope that more and more women will feel in control of their finances and achieve the retirement they deserve.”
