Gender pay gap follows women into retirement
30 May 2018
- Women retiring in 2018 will have incomes 29 per cent lower than men - nearly £5,000 annually
- One in six women will retire this year with an income below the Joseph Rowntree Foundation’s minimum income standard
- But their retirement income has hit an all-time high as the gender gap shrinks
Women retiring in 2018 will have average expected retirement incomes £4,900 lower than men as the gender gap remains a major issue, reveals new research from Prudential1.
The good news is that women’s expected retirement income has hit a record high and the gender gap is shrinking but women will still be 29 per cent worse off than men, Prudential’s Class of 2018 study shows.
Prudential has, for the last 11 years, tracked the finances, future plans and aspirations of people planning to retire in the year ahead in its Class of research which highlights the persistence of the gender gap with men expecting to retire on an average annual income of £21,800 compared with women’s of £16,900.
The Joseph Rowntree Foundation’s (JRF) Minimum Income Standard states the income for a single pensioner should be at least £9,9982. However, findings show that one in six (16 per cent) women will be retiring with an income below this standard, compared to just one in 10 (10 per cent) of men.
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