Over a third of women without a workplace pension

More than a third (37 per cent) of women do not have a workplace pension, compared to 32 per cent of men, according to research from Barnett Waddingham.

Women were also found to be “significantly less likely” to have made changes to their workplace pension investment strategy, with 85 per cent of women stating that they have not, compared to 75 per cent of men.

In addition to this, the pensions gender gap widened “substantially” later in life, as almost two-fifths (38 per cent) of women over 55 expected to rely on the state pension alone, compared to 17 per cent of men over 55.

The findings have prompted renewed concerns that women may be at risk of being financially underprepared for retirement and having to rely solely on the state pension, with further research from Scottish Widows also raising concerns over the impact of the gender pensions gap.

Commenting on the findings, Barnett Waddingham policy and strategy lead, Amanda Latham, commented: “While women are saving more than ever, the fact of the matter is that there’s still a big proportion of women that are at risk of walking into retirement with insufficient funds, and less than their male counterparts.

“Without a workplace or a private pension, they will be relying on the state pension alone in retirement – which for many, is simply not enough to cover the costs of a comfortable retirement.

“There needs to be a much greater level of financial education to help more women make informed choices about their pension, but the onus shouldn’t fall on individuals alone.

“In a system designed around inertia, we need to see policymakers and employers offering better default strategies rather than relying on pension holders to come up with them themselves.

"The existing framework is letting too many women down, when it is in the interests of wider society for people to be well prepared for retirement.”

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