As many as one in two Brits don’t know how their pension is performing, with women significantly less likely to know than men, new research from Hargreaves Lansdown has found.
The findings revealed only 47% of people know how their pension investments are faring, with just 36% of women in the know, compared to 58% of men.
The gender gap in awareness is present right across the age spectrum, the investment platform said.
Clare Stinton, head of workplace savings analysis at Hargreaves Lansdown, commented: “The gender pension gap doesn’t happen overnight, it builds over a lifetime, due to career breaks, the gender pay gap, and more women working part-time.
“Understanding your pension and taking early action can narrow the gap. Supercharging contributions in your 20s and 30s, paired with checking in on how your investments are doing while you have decades ahead, can deliver powerful long-term results.”
Additionally, the research showed that only 43% of those aged 35-54 know how their pension is performing. Awareness among those aged 18-34 was higher, with 50% expressing an understanding of how their pension is doing, while 51% of those aged over 55 said the same.
Those who access advice were also found to be more engaged. Around a quarter (25%) of men and 15% of women are actively choosing investments outside the default fund, but this figure jumps to 45% and 29% respectively when they’ve received advice.
Among those who were unsure about their pension performance, 18% said they were unaware they needed to check their investment performance, while 20% cited ‘not knowing what to look for’, underscoring a lack of financial education, the firm said.
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