26 March 2020

Gender earnings gap continues into retirement

3 min read

 
Helen Morrissey, Personal Finance Specialist
Helen Morrissey

Corporate PR Specialist – Long Term Savings

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Helen Morrissey, pensions specialist at Royal London comments on the Pensioner Income Series data which shows how pensioner incomes are made-up.

“Today’s figures show the gender earnings gap continues into retirement with benefits continuing to account for a far larger proportion of women’s income than that of men. This can be accounted for by men accumulating larger pensions but the data also shows they are earning more from employment as well.

The employment income of single female pensioners has not grown in the same way as that of their male counterparts with female pensioners on average earning £12 per week in comparison to £46 of that of men.

While initiatives like auto-enrolment will go a long way towards boosting the income of female pensioners over time we need to ensure that women choosing to remain in the workforce for longer to boost their finances can earn a decent wage.”

For further information please contact:

Helen Morrissey, Corporate PR Specialist – Long Term Savings

About Royal London:

Royal London is the largest mutual life insurance, pensions and investment company in the UK, with assets under management of £138.9 billion, 8.6 million policies in force and 4,126 employees. Figures quoted are as at 31 December 2019.

Notes to editors

Pensioner Income Series data can be found here.