Gender pension gap | 4 in 10 women concerned about their retirement savings

Two-thirds of women aged between 50 and 59 (66%) admit that they don’t know how much they have saved for their retirement, according to new research from TPT, a leading workplace pension scheme serving over 2,600 organisations.

Just over half of men (51%) in this age group also don’t know how much is saved in their pensions. The research looks at how prepared people in their 50s are for retirement.

Despite not knowing exactly how much they have saved for retirement, 60% of women in their 50s worry they are not saving enough. The research found that among those who know how much they have saved, the average man in his 50s has saved £17,014 more than the average woman.

TPT’s research found that rising energy bills are a significant burden to pension saving for 71% of women. Two-thirds (66%) also struggled with increasing food bills and 25% with higher mortgage repayments. As a result, almost half of women in their 50s (48%) do not expect to be able to afford a moderate retirement based on PLSA Retirement Standards.