Failure to save for pensions 'particularly concerning' for women - BreakingNews.ie
More than 60% of women do not have a private pension, a new study has found.
According to a survey carried out by Behaviour and Attitudes for Aviva men are more proactive and confident about their retirement income than women.
Almost half of the men polled said they had a pension, compared with 37% of women.
One in four women surveyed said a pension was something they were unlikely to ever do.
While the participation rates for both genders are far too low, the case for women is particularly concerning
Aviva said the results show a pension pay gap of 10%, which could point to a future of financial dis-empowerment amongst future female retirees.
More than 1,000 people were interviewed nationwide for the study.
Of those without a pension, a third said they had not thought about what income they will survive on when they retire.
When asked about security of their future retirement income, almost two-thirds of men indicated a higher level of confidence compared to 40% of women, suggesting greater levels of concern amongst females when it comes to pension provisions.
Research finds men are more likely than women to have private pensions (Niall Carson/PA)
Head of Individual Life and Pensions at Aviva Ann O'Keeffe said: "Having conducted this same survey for the last four years we have found that, worryingly, pension coverage for women has remained largely stagnant at 37% since 2014.
"While the participation rates for both genders are far too low, the case for women is particularly concerning.
"Saving for retirement doesn't appear to be high on people's agenda."
The results showed an age disparity as well as a gender one.
Young workers between the ages of 25 and 34 were found to be the least likely to have a pension (30%), when compared to 35-44 year-olds (54%) and 45-55-year-olds (43%).
Ms O'Keeffe said the results suggested a pension was not a focus for most people in their 20s and 30s, thereby limiting their potential contribution period.
Ms O'Keeffe said: "Of those under 35 without a pension, almost two in three say they simply have never thought about it.
"The survey paints a clear picture of a highly optimistic generation in their financial well-being when they can no longer earn an income.
"While it is understandable that retirement provisions might be the last thing on people's minds, particularly for younger people, in actual fact it's one of the most important financial decisions a person can make during their working life.
"Thankfully, we are all living longer, more active lives and our good fortune in this respect should not become a financial burden.
"That is why we need to ensure that women, as well as men, across all age groups understand the benefits of financial planning as early as possible in their careers."
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