Women’s private pension pots outstrip men’s, says ONS

By Michael Klimes

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Oct 24, 2018

The gap between what women earn and save compared to men continues to grow according to Office for National Statistics figures released today.

Analysis for young people aged 16 to 29 shows the level and growth of median annual earnings were generally lower for women than men whether they were degree or school-educated or had no qualifications.

Men in this age group with a university education in London earn, on average £27,081, while women with same background earn about £24,767.

Historically, men have had a substantially higher median pension value than women.

However, that trend has begun to reverse in recent years.

Numbers from the ONS show women aged 16 to 24 have about £3,900 in a pension compared to men who have about £3,000.

The gap widens at ages 25 to 34 when women have about £14,400 in a pension, while men have £12,100.

Quilter head of retirement policy Jon Greer says with lower earnings, but more in their pensions, it seems logical to conclude younger women are better savers than their male peers.

He adds saving more from a young age is of vital importance because of compound interest and although auto enrollment has gone a long way to boost pension participation in the workplace extra saving is crucial.

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