Finance

Pension warning: Women £135,000 worse off than men in retirement – Brits urged to act

Commenting, Elizabeth Scott, Financial Adviser at Fintuity, said: “The worsening pensions gap in the UK is a detriment to our country’s ability to repair an ongoing gender pay gap, and an inability to aid those women who spend many years raising children and working in part time jobs because of it.

“This problem needs to be tackled head on, with new support initiatives put in place, and encouraged by employers, in order to enable women to get a much better deal.

“Due to Covid-19, we can expect high job losses for women, especially those who work part-time, meaning it’s likely the pension gap is only going to increase and the urgency for change is higher than ever.

“In the meantime, women of all ages should consider seeking affordable professional financial advice, in order to understand how best to maximise contributions to their pensions pot, put a plan in place to save more efficiently or even acquire another source of income, such as via investments.”



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