Women feel less in control of their pensions than men, according to new research from PensionBee, which reveals a stark confidence gap between the sexes when it comes to long-term financial planning.
The survey found that just 24% of women feel “a great deal of control” over their pension savings and retirement plans, compared to 37% of men.
On the other hand, nearly a quarter of women (23%) reported feeling they have “very little control”, with only 16% of men feeling the same.
The findings suggest that despite ongoing efforts to close the gender pension gap, a considerable difference in confidence remains.
This is attributed to a pension system that still leaves many women behind.
“The stubborn gender pension gap is not just a product of the gender pay gap,” said Lisa Picardo, chief business officer UK at PensionBee.
“It is compounded over decades as women take more career breaks to look after children, take on more part-time work and bear disproportionate caregiving responsibilities.”
Picardo highlighted how these structural realities often lead to lower pension contributions, smaller pension pots and greater financial insecurity for women in later life.
The data also shows that women are more likely to avoid making investment decisions altogether, with 10% saying they make no investment decisions, compared to just 3% of men.
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When asked about progress toward their retirement goals, only 33% of women felt they were getting closer, compared to 42% of men.
“As working patterns evolve, with self-employment and flexible work on the rise, we urgently need reforms so that saving for retirement reflects the way people actually work today,” Picardo added.
She argued that expanding auto-enrolment to cover the self-employed and low earners would be a “bold and necessary step” towards closing the gender gap in retirement outcomes.
The survey also identified an “optimism gap” across age, income and location.
Confidence in achieving financial goals plummets with age, from 45% of 25-34-year-olds feeling “very optimistic” to just 8% for those aged 45-54.
Lower-income groups were also more likely to feel a lack of control, with 12% of those earning less than £15,000 a year reporting they felt “no control at all” over their retirement planning.
