Pension inequality starts at birth
In recent years, the gender pay gap has been a rather hot topic. However, the difference between the pensions savings of men and women – or gender pension gap – is perhaps less discussed. By the age of 50, women have accumulated an average of just £56,000 in pensions savings against £112,000 for men4.
Girls are losing out What’s more, HMRC data shows that the gender pension gap begins as early as infancy. According to recent statistics, 13,000 girls had money paid into a pension on their behalf by parents or grandparents in 2016/17, compared with 20,000 boys5.
What you can do
Starting to save for your child or grandchild (whatever their gender!) early in life can make a huge difference to their pension pot down the line. If you’d like to find out how much you can pay into a pension on behalf of your child, or explore which plan might best suit their needs, we can help.