The Gender Pension Gap: A Deeper Dive into Women's Extra Work Years for Financial Recovery

Thursday, 21 March 2024, 00:02
In a stark revelation, working single mothers have collectively missed out on over £852 million in pension savings due to the gender pension gap, leading to women facing an additional 19 years of work to bridge the £136,000 shortfall. This disparity sheds light on the critical need for gender equality in pension planning and the long-term financial impact it has on women's retirement security.
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The Gender Pension Gap: A Deeper Dive into Women's Extra Work Years for Financial Recovery

The Gender Pension Gap: A Financial Disparity

Working single mothers have missed out on more than £852 million in pension savings since the introduction of auto-enrolment in 2012. This has led to women facing an additional 19 years of work to bridge the £136,000 gender pension gap shortfall.

Key Points:

  • Financial Impact: The gap highlights a significant imbalance in pension contributions and retirement planning for women.
  • Long-term Consequences: Women are disadvantaged in building retirement security, impacting their financial stability in later years.
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