Women drive H1 average pension contribution increase of 32% at PensionBee

The average monthly pension contribution in the first half of 2021 was 32 per cent higher than in the same period last year, according to PensionBee, with this growth being primarily driven by women savers.

Examining data from its customers, the provider found that female savers had hiked their average monthly contributions by 44 per cent to £446, while their average withdrawal amounts dropped by 12 per cent to £7,279 as they also kept more of their money invested.

The average men’s contribution was still larger than the average female saver’s but climbed by just 22 per cent to £625 in the time period.

Additionally, the average withdrawal by male savers had edged 1 per cent higher to £11,035.

PensionBee expressed surprise that women had both higher contribution growth and a reduction in average withdrawals as it noted that research had highlighted that women had been disproportionately affected by the pandemic, making up 52.1 per cent of furloughed UK workers despite making up 47.3 per cent of the nation’s workforce.

PensionBee CEO, Romi Savova, commented: "It’s promising to see consumers continue to take a cautious approach of saving more and spending less, as we move out of an extended period of lockdowns.

“As always, we would encourage those who have a larger disposable income to continue saving where possible, and for those in retirement to keep as much of their pension invested until the exact moment they need it to ensure they're well-positioned for a happy retirement.”

The news comes just a day after Legal & General announced that the gender pensions gap stood at 56 per cent at retirement.

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