MetLife highlights £11,000 gender retirement gap
Women entering retirement are facing an £11,000 pensions gap compared with men, a study by MetLife has revealed.
Dominic Grinstead, managing director of MetLife UK, claimed the average 50-year-old man earns nearly 60 per cent more than the average 50-year-old woman.
The study of the finances of 50-year-olds, dubbed the ‘Uncertain Generation’ showed men earn an average £30,000 compared with just £19,000 for women.
Mr Grinstead added that just 44 per cent of women aged 50 work full-time compared with 71 per cent of men, meaning a third of women rely on their partner’s pension.
He said: “The average 50-year-old may feel they are a long way from retirement but they are unfortunately also a long way from feeling financially secure and just one in three are optimistic about their earning power.
“We understand that those in the ‘Uncertain Generation’ have to make major decisions about their and their families’ future at a time of great financial uncertainty and economic volatility.
“That is why we are encouraging them to seek advice now to help them plan for and achieve as much certainty as possible about their financial future.”