Zarah ChoudharyMen aged 55 to 64 have a median private pension wealth of £193,900 – nearly double that of women in the same age group (£105,200) according to the Wealth & Assets Survey from Broadstone.
Of all adults aged over 16, men had a median of £75,700 in private pension savings, whether pots they were actively contributing to, preserving for retirement, or receiving in payment.
This was nearly twice as much as women, whose median private pension savings were £42,500.
This trend was evident across all age groups, but there was a considerable widening of the gap among those moving towards the end of their career.
Of those aged 45 to 54, men had median private pension wealth of £108,100 – over £50,000 more than women, whose median savings stand at £57,900.
Those aged 65 to 74 showed a similar disparity, with men having median private pension wealth of £191,600, compared to women’s median savings of £106,300.
Rachel Coles, workplace engagement consultant at Broadstone, said: “The Wealth & Assets Survey puts concrete figures around the huge disparity in pension saving between men and women.
“Private pension savings are vital to achieving a decent standard of living in retirement by providing supplementary income to State-provided sources via benefits or the State Pension.
“While the problem of pension adequacy is well known and understood, data like this is important in helping to uncover specific segments of society that are likely to be worst off.
“It highlights the need for more targeted support towards women to help encourage higher levels of pension saving while other initiatives that help lower the hurdles women face in progressing their earnings will also support this drive.
“Financial education will be a major part of building up awareness of the importance of later-life savings, the tax efficient benefits of pensions and how factors like starting to save as early as possible can help maximise savings by the point of retirement.
“In couples where there is an unequal distribution of wealth, the data also demonstrates the need for careful estate planning to ensure wealth can pass from husband to wife in the event of a death.”
