Women still facing ‘pensions gap’

New research has indicated that Irish women are less likely to be financially prepared for retirement than their male counterparts. According to the survey (carried out by IPSOS Mori on behalf of Aviva), more women are worried about their pensions than men but fewer are taking the necessary steps to ensure they have a sufficient level of income when they stop working.

Here are some of the report’s key findings:

· Almost 4 in 10 women (37%) say they are concerned they won’t have enough money when they retire, compared to 27% of men.

· 24% of women don’t know how much they will need to be comfortable in retirement, compared to 14% of men.

· Just 8% of women say they are taking steps to ensure they have an adequate level of income during retirement, compared to 22% of men.

· 27% of women do not regularly set aside money for use in retirement, compared to 18% of men.

· A quarter of women have not considered the income they would need to be comfortable during retirement. This is compared to just 14% of men.

· 5% of women end up working full-time in retirement to supplement their pension income, compared to 1% of men.

· 44% of women say they don’t have an understanding of pensions and investments, compared to 27% of men.

The fact that women live longer and earn lower salaries is certainly a major part of the problem but the research also suggests that many Irish women could be doing more to plan ahead for their retirement.

If you would like to find out more about setting up a pension, get in touch today. Our dedicated team will be delighted to hear from you. Your retirement might seem like a long way away but, financially speaking, the younger you are when you start, the better.

All the best,

The Team at Gallivan Financial

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