• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Sponsor/Partner
  • Online Promotions

promotes diversity, champions female talent

  • Home
  • About
    • WiC Team
    • Volunteer Hospitality Team
    • Charitable Commitment
  • Knowledge Bank
    • 2021
    • 2020
    • 2019
    • 2018
    • 2017 and earlier
    • City of London Fact Sheet
    • First British Women
  • Reach our Community
    • Jobs Board
    • Sponsor/Partner
    • Online Promotions
    • Case Studies
    • Metrics
    • Media Pack
  • Awards Programme
    • Future Leaders Award (2010-17)
    • Woman of Achievement Award (2007-15)
  • Contact us
  • Media Comment

Pension pots may be rising, but the gender savings gap is widening

3 August, 2020 By WiC

changing trends of financial wellbeing

The average pension pot of UK employees in large firms is now £120k, a 35% increase on three years ago, according to new Changing Trends of Financial Wellbeing research undertaken by Close Brothers. However, outside of pensions, average savings and investments have fallen 3%, and delving into the detail reveals a widening gender savings gap.

The overall average pension savings pot, including all workplace pension schemes, has increased from £89k in 2017 to £120 in 2020.

Men have seen an increase of 35%, and whilst women have experienced a higher percentage increase of 38% over that time period, women’s retirement savings still lag significantly behind men’s at £73k compared to £162k.

uk employee savings

Figures from: Close Brothers Lifetime Savings Challenge 2017 and Changing Trends of Financial Wellbeing 2020

In the wake of the coronavirus crisis, Close Brothers found that 16% of workers are going to reduce the amount they save into their pensions, due to pressures on shorter term needs, despite the risk that this could affect their longer-term financial wellbeing. Female workers, however, are less likely to make this decision (12%) compared to nearly one in five (19%) of their male counterparts.

As well as more people having to draw on their savings during the coronavirus, there are some positives to have emerged when it comes to savings: 50% plan to make changes to their finances, with the top changes being to keep a closer eye on day to day spend and to put more into their rainy day fund.

All demographics have spent less in lockdown and all but 18-34 year olds have realised they can live happily on less, which bodes well for putting more aside into savings once the acute effects of the pandemic ease their finances.

 

Download Report

Visit our searchable Knowledge Bank for a range of reports and studies on gender diversity, leadership and related topics.

To discover more about the impact of lower pension provision on women watch this video produced by the Chartered Insurance Institute as part of its Insuring Women’s Futures programme.

 

Tweet

Share this:

  • Twitter
  • LinkedIn
  • Pocket
  • WhatsApp
  • Facebook
  • Email
  • Print

Related

Filed Under: Reports Tagged With: diversity, finance, pensions

Primary Sidebar

visit our career website

Discover how to ensure your financial future

Sexual Harassment advice line

Reach our Community

There are various ways to reach our highly engaged and targeted community.

Promote your product or service with a dedicated solus e-blast

Got a job vacancy?
Why not promote it on our Jobs Board?

Brand Partners support WiC throughout the year and enjoy a range of special privileges.

get healthy in the city

busines healthy in the City

Sign up to the Tech Charter

vIEW fINANCE CHARTER SIGNATORIES

get active in the city

Go on – shop!

Footer

Video Highlights

  • FL Award Launch 2016
  • Strictly Democracy 2014
  • Importance of Networking 2014
  • Abseil Lloyds Building 2014
  • Lunch 2013
  • Women in Leadership 2013
  • Tea with a Twist 2013
  • Lunch 2012
  • Celebration Evening 2012

Legal

  • Statutory Information
  • Terms and Conditions
  • Privacy Statement
  • CSR Policy
  • Social Media Policy
  • Data Protection Policy

Copyright © 2022 · Networking Culture Limited / Women in the City

loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.