A survey by the Department for Work & Pensions (5/6/23), found that the gap in private pensions between men & women is currently 35%. This means that for every £100 a man has in pension savings, a woman will only have £65. As women tend to live longer than men, and their pension savings need to last longer, this is a real concern. If you don’t have a private pension then the alternative is the state pension.
It is estimated that nearly one third of women (DWP report 5/6/23) will live solely on the state pension compared to 13% of men. The maximum State Pension is currently £221.20 a week which isn’t a lot of money to live on for the rest of your life.
Talk to your financial adviser for more information and help.