Are you worried about Pension Poverty?
31st October, 2018
A Financial Futures report from the CII (Chartered Insurance Institute) has highlighted that women are more vulnerable to financial insecurity in later life compared to men.
This gender gap is down to a number of challenges women face throughout their life, which leads to a lack of financial security after they retire. These obstacles include the gender pay gap, the motherhood penalty, and a lack of awareness on the importance of paying into a pension.
The study found that only 8% of women saw paying into a pension as their top priority when beginning work. This issue is made worse when women returning to work part-time find that they are earning 30% less than their full-time counterparts.
CII are determined to use their Insuring Women’s Futures initiative to advance the approach to women and risk. They also hope the campaign will help to close the gender gap where possible, especially when it comes to knowledge on pensions and the importance of long-term finances.