HELPING WOMEN PLAN THEIR FINANCIAL FUTURE
The retirement income gender gap is still an issue with women on track to be £7,000 a year worse off than men*. Things are even tougher for divorced women and single mothers in particular. This divide in pension savings has been the case for years and we want this to change. With your support on reducing the Gender Savings Gap within your business we can try and help your female employees have the kind of retirement they want.
* Source: Scottish Widows 2023 Women & Retirement Report.
WHAT’S DRIVING THE GENDER PENSION GAP
To help you support your employees and play your part in tackling the savings gap, we've got lots of useful information on our Future Planning Hub. Visit now to share practical support with your employees , including answers about what drives this gap and our top tips for managing the savings challenges faced by women.
2023 Women and Retirement Report
Our latest Women and Retirement Report highlights the unique challenges women could face as they plan for retirement, and what actions your employees can take to help them plan for a better financial future.
of women are not on track for even a minimum retirement lifestyle, based on their current saving behaviour (32% for men).**
of women are concerned about the rising cost of living.**
of mothers have moved to part-time work to look after their children (compared to 15% for men).**
Source: Scottish Widows’ 2023 Women and Retirement Report
How you can support your employees
As an employer, you can play a key role in encouraging your employees to think about retirement planning early on in their careers. From discussing parental leave and Child Benefit to delivering pensions education in the workplace, your support now can make a real difference to their future.