Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • Sections
  • News

Men found to save £90k more than women after age 50

Open-access content Wednesday 16th February 2022
Men found to save £90k more than women after age 50

UK men typically save over £90,000 more into their pensions than women between the ages of 50 and 64, according to analysis by PensionBee.

In a new report, the online pension provider explains how men tend to participate in more hours of paid work per week, at a higher median hourly rate, throughout their working lives than women.

This has a compounding effect in later life, with women aged 50 to 64 found to experience an average hourly pay gap of 25%, with part-time work being undervalued compared to full-time work. 

In addition, the findings show that men aged 50 to 64 work nine extra paid hours a week compared to women of the same age.

In total, the analysis suggests that men aged 64 today, on average, have accumulated £439,581 in pension savings, which is £139,451 more than their female counterparts.

Romi Savova, CEO of PensionBee, said: “Women are most likely to take on care responsibilities throughout their lives, and to participate less in paid work as a result, leading to lower incomes and lower retirement savings. 

“Whilst there is a role for individuals to play, it is not fair for them to shoulder the full burden. More supportive employer policies, a culture of gender equality, and a more transparent defined contribution pension system can help empower consumers to save for a happy retirement.”

PensionBee found that 36% of unpaid carers have cut down or left work due to their care responsibilities, and that 41% balance full-time paid work with unpaid care work. 

Furthermore, the findings show that 62% of employed women work part time, compared to only 24% of employed men, despite 85% of savers believing that unpaid care work should be equally shared between genders.

If caring responsibilities were shared between genders, more women would be able to stay in full-time work throughout their careers, including after the age of 50. The analysis suggests that this would result in a women’s overall pension pot size increasing by more than £106,000 on average.

Savova added: “With increasing life expectancies meaning more and more older workers will need to take on caring responsibilities, particularly for elderly parents, urgent action is needed to prevent older workers from needing to stay in the workforce for longer, to be able to save enough to support their own retirement and care needs.”

 

Image credit: iStock

Author: Chris Seekings

Filed in
News
Topics
Pensions
Finance

You might also like...

Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Life Actuarial Trainee

England
Up to £55000.00 per annum
Reference
145815

Catastrophe Manager - Top Performing Syndicate

England, London
£70000 - £94000 per annum
Reference
145814

Senior Pricing Analyst

London, England
£40000 - £80000 per annum
Reference
145813
See all jobs »
 
 

Today's top reads

 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2023 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ