Aviva renews call for employer standard to tackle pension income ‘crisis’

Looking at those surveyed between the ages of 40 and 54 - otherwise known as ‘Gen X’ - Aviva found nearly two in five (39 per cent) “haven’t even started” thinking about retirement.

Covid-19 has exacerbated this. The insurer found the number of employed people who said they know how much they need to save for retirement dropped “sharply” from 61 per cent in February 2020 to 52 per cent today (September 2021).

The worsening of pension provisions as a result of the pandemic hit women particularly hard.

Last year, the gender pension gap for over-55s grew from £157,263 to £183,936, widening by 17 per cent (or £26,673) as Covid-19 took its toll on women’s finances.