A paper that maps out the milestones and contributing factors that will likely see the end of Gender Pension Gap in Ireland by 2050 has been released by AIB.
‘Closing The Gender Pension Gap’ analyses the socio-economic factors that are contributing to the closure of the gap and forecasts that Gender Pension Parity will be achieved in Ireland by the year 2050, meaning that girls born today will not experience pension inequality in their lifetime.
Today, women in Ireland retire with 31% less in their pension pot than their male counterparts. Many factors have contributed to this, including the well documented Gender Pay Gap, the impact of motherhood on female workers’ pay and the impact of career breaks on their ability to contribute to their pension and avail of investment opportunities.
Highlighting the important role that financial planning plays in addressing the gap, ‘Closing the Gender Pension Gap’ identifies four key trends that will support existing momentum around closing the gap by 2050.
These include: The Youth Premium – The Equality Ultimatum; Rethinking Work – The Agile Working Default; Diversity as the USP – Accelerated by AI; The Great Wealth Transfer – Female Investors Rising.
Collated from global research and supported by interviews with business leaders, ‘Closing the Gender Pension Gap’ was commissioned by AIB as part of its focus on the importance of financial planning to support women continuing to do what matters to them.
‘THING OF THE PAST’ BY 2050
Author of the paper, Miriam Rayman of The Future Laboratory, said that change is starting to take place.
“So much of the discussion around the gender pension gap focuses on the negatives. Yes, we’re not at pension parity yet, but based on a series of socio-cultural, economic and political shifts, change is taking place and that gap is closing. For many women, this will happen within their working lives.
“We at The Future Laboratory have identified four key trends that will have a major impact on the speed at which that gap closes, estimating it will be a thing of the past for Irish women by 2050. It is great to see AIB continuing to support its customers and offer financial advice to ensure women at all stages of life feel supported when planning for their financial future.”
