Research has suggested the UK gender pension gap, the difference in pension income between men and women, currently stands at 40%. Yet, the more we explore the disparities, the more alarming the figures become.
For example, did you know that there is 51.4% pension gap between a female pensioner from an ethnic minority group and a male pensioner from a white ethnic group?
So, with the severity of the gender pension gap clear to see, what can we actually do about it with the information, tools and resources that we have at our disposal?
If we have any hope of democratising investing and creating a level playing field both for the investment industry and its customers, we must address the gender gaps across savings, investments, and pensions.
Using industry research along with insights and recommendations from surveys and interviews conducted with women and men from across the UK, across age groups, communities and ethnicities, City Hive and Federated Hermes created a white paper, Gender Pension Gap: What can we do with what we know?, exploring the various gender gaps in more detail, and more importantly suggesting solutions to begin to address them.
See also: – Mind the Gap – the Gender Pension Gap
The findings built on existing research confirming the existence of the ethnicity and gender pension gaps, that shows that women are unable to access finance and investment as easily, frequently or with the same conditions as men.
Previous findings also demonstrated that women are not represented in investment roles and in senior management, which inevitably impacts the perception, and the products that are put forward by the industry.
The paper goes on to distil information into a series of findings to be taken away, along with recommendations about how the disparities could be addressed.
The paper can be downloaded and viewed here.
