Scottish Widows is backing The Fawcett Society, a UK charity for women’s equality and rights, to conduct research into women’s financial preparations for retirement.
The research is designed to focus on women aged 25 to 39-years-old with an annual income of £24,000 to £40,000 in order to understand the factors that influence women’s savings decisions, beyond their lower lifetime earnings.
Findings are due to be published in spring 2016 and will be used to educate policymakers and the public about women’s prospects in retirement.
Jackie Leiper, retirement expert at Scottish Widows, said: “When it comes to attitudes towards retirement saving, young men and women appear to be almost on a par, yet our research has identified an alarming divergence in the 30s, which needs to be addressed.
“Whether it us having a family, taking a career break or changing working patterns, we need to ensure that these life changes impacting women do not jeopardise their future security.
“We hope that by supporting this Fawcett Society research we will gain a deeper understanding of the specific barriers and challenges that women face in preparing for later life, and help shape policy decisions to break these down in the future.”
Sam Smethers, chief executive at The Fawcett Society, said: “We have known for a long time that the pay gap becomes a pensions gap and as a result women are likely to have smaller pension pots than men.
“But we are also interested as to why women save less compared to men on the same income.”