Studies highlighting the persistent gender pension gap has made one adviser 'despondent' but 'determined' to help close it.
Tim Morris, IFA for Russell & Co, said working with clients in and around London has shown a wide diversity of engagement when it comes to clients making pension plans.
In particular, he said women have often tended to consider pensions "lower down the agenda", which he has found to be an important thing for advisers to address.
But this also means, whenever there is a "good retirement study" published, the figures that highlight the gender pension gap, he said it "makes me quite despondent. Yet I am defiantly determined rather than deterred", he added.
There are many reasons for this, and they run deep.MorrisseyMorris explained: "I would say that my clients are more engaged than most. And that’s not to blow my own trumpet. It’s often the reason they sought advice in the first place.
"But when it comes to the gender gap, historically pensions were lower down the agenda for ladies.
"Generally, because their husband had the lion’s share of retirement savings in his name. The tide is quickly changing, though. We could well reach the tipping point during my lifetime."
His comments came following several retirement studies, which highlighted a gender and diversity pension and retirement gap in the UK and elsewhere.
Writing in FTAdviser, Helen Morrissey, senior pensions and retirement analyst at Hargreaves Lansdown, said the persistent pay gap leads to a gender pension gap.
She said: "Women retire with a total pension income that is on average a whopping 37.9 per cent less than men. This is more than double the gender pay gap, which currently stands at around 15.5 per cent.
"There are many reasons for this, and they run deep. Even the state pension, which forms the very backbone of people’s retirement, is not immune. Women on the basic state pension on average receive £145.87 per week compared to men receiving £172.64.
"It is also worth saying there are around 1.5mn women receiving less than £100 per week – more than three times the number of men in the same situation."
But as FTAdviser reported earlier in March, some providers are working on in-depth, global research to try to understand the drivers and to implement changes and initiatives that will help close the pension gap.
For example, Standard Life has announced a joint research initiative with Standard Life to tackle the various pensions challenges that have affected women and minorities in particular.
simoney.kyriakou@ft.com
