Almost 4 in 10 women (37%) say they are concerned they won’t have enough money when they retire, compared to 27% of men. Despite their concern just under a quarter of women (24%) don’t know how much they will need to be comfortable in retirement, compared to 14% of men.
That’s according to the latest research from Aviva which shows the extent of the gender gap in Ireland when it comes to preparations for retirement.
The research, found: Just 8% of women say they are taking steps to ensure they have an adequate level of income during retirement, compared to 22% of men;
27% of women are not regularly setting aside money for their retirement, compared to 18% of men;
24% of women have given no consideration to how much they would need to live comfortably in retirement. The comparable figure for men is 14%;
5% of women work full-time in retirement to supplement their pension income, compared to just 1% of men;
44% of women say they don't understand pensions and investments, compared to 27% of men.
The income needed to live comfortably in retirement depends on the individual circumstances and hopes of the prospective retiree. Close to half (46%) of today’s workforce is female.
This latest research from Aviva follows its landmark Mind the Gap pensions’ report, published just a year ago, which found that Ireland’s annual pension savings gap had increased from €20.2 billion in 2010 to €27.8 billion in 2016.
Calculate how much money you need to put away to life comfortably in retirement by visiting: www.mindthepensiongap.ie
