SIPPDec 18 2020

2020 sees jump in women and millennial Sipp investors

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2020 sees jump in women and millennial Sipp investors

The number of women and younger people with self-invested personal pensions rose significantly over the past year, according to Interactive Investor.

The investment platform reported that over the year to November 30, there had been a rise of 108 per cent in the number of women aged between 35 and 44 with Sipps, along with a 104 per cent rise for men.

In the 45-54 age category, the percentage increase in female customers was 108 per cent, compared to 82 per cent for men.

In addition, the number of Sipp investors between the ages of 25 and 34 – both men and women -  increased by 200 per cent and 185 per cent respectively.

But Interactive Investor pointed out that the high percentage increases among women investors came from a lower base – some 70.5 per cent of its customers are men.

The company also found it was not just younger women who were turning to Sipps as among investors aged 55-64 new Interactive Investor Sipp accounts were up 89 per cent for women and 66 per cent for men.

And among the 65 plus category, it was a similar story (89 per cent women, 62 per cent men).

Becky O’Connor, head of pensions and savings for Interactive Investor, said the figures suggest that as people had more time for financial admin this year, more women and younger people were taking control of their pensions.

Ms O’Connor said: “It’s possible that the rise among older people approaching retirement was less pronounced, as they are likely to have already done some pension sorting already.

“Sipps offer more control for people who want to choose but also options for beginner investors. They are also attractive because they can represent good value for money.

“Greater engagement among pension investors earlier in their careers will give people more chance of reaching their retirement goals.”

Ms O’Connor said it was reassuring that women seem to be seeing the importance of their pensions.

She added: “The trend also suggests that women who may have taken time out of work to have children but then returned to the workplace are keen to make up for lost time on their pension savings. 

“Women now hit peak earnings at around 40, according to the ONS, after the age that those who start families will have had children.

“It’s possible that younger pension investors are more receptive to the trend towards investing pensions sustainably. Unlike the limited options available through most workplace schemes, with a SIPP, you can choose from a wide range of funds, including many sustainable or positive impact ones.”

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