Women are struggling to save on a regular basis as a result of the gender pay gap, adding to their financial struggles in retirement, new research has suggested.
According to figures released by NFU Mutual, just over half of women (53 per cent) find it easy to save on a regular basis compared with just under two thirds of men (63 per cent).
The research revealed there has been no improvement in the UK gender pay gap - which still stands at 19.2% for both full time and part time work - and this is having an impact on women’s ability to put money away.
A separate study released by equality campaigners The Fawcett Society revealed just 52% of women over the age of 30 are saving adequately for retirement, compared to 60% of men.
The society said closing the pay gap and “supporting women to fully participate in the economy” are essential first steps to closing the pensions gap.
The research is another blow to women already dealing with retirement age reforms which will see them waiting years longer then they expected before they are able to draw their state pension.
A parliamentary committee this week on the proposal to allow women to draw their pension early at a reduced rate heard women could be forced into debt if they don’t have the savings to cover the shortfall.
Joy Hawtin, chartered financial planner for NFU Mutual said: “UK men currently earn on average just under a fifth more than women and this gender pay gap may take many years to fill; our research suggests that along with pay that women are also losing out saving for retirement and actually having the discussions about saving.”
Hawtin said the discrepancies between men and women’s ability to save money won’t change until the gender pay gap improves.
