Image Women's pension pot is half that of men’s according to Standard Life
Image Rob Flynn
Staff Writer

Standard Life Retirement Pulse reveals women’s pensions are worth, on average, half of men’s, while over half of women feel anxious when thinking about their finances.

New research into pensions in Ireland has shown the average woman’s pension pot to be 48% less than their male colleagues.

This is according to pension and investment provider Standard Life who recently surveyed over 1,100 people across Ireland as part of its Retirement Pulse which regularly tracks consumer sentiment and attitudes to retirement.

The survey revealed that the average pension pot for women is €89,000. This is in contrast to €170,000 which is the average for men according to the company.

Although women are more consistent in saving, they’re not contributing as much the study highlights, with women contributing approximately €63 per month less on average.

This is resulting in almost a quarter (24%) of women not feeling confident that they’re making the most of their pension, according to the survey.

According to Standard Life:

“The findings highlight that a deficit in both contributions and financial confidence is leaving many women short-changed and emotionally burdened throughout their retirement planning journey.”

However, the survey makes no reference to how much women earn on average compared to men, which could play a key role in the ability to make contributions, especially lump-sum contributions.

Financial worries

The Retirement Pulse revealed that 56% of women of all ages reported feeling anxious about their finances, with pensions being a contributing factor according to the stats.

Women who reported having financial anxiety are less likely to feel that they can live comfortably off their pension than those who don’t have worries (40% v 14%).

Meanwhile, those without a pension were more likely to report feelings of financial anxiety (61%).

Interestingly, it would appear that financial anxiety has a crippling effect on financial assertiveness with 71% of those women surveyed saying they wouldn’t know where to begin.

Financial outlook

More than a quarter (27%) of men think of themselves as investors according to the survey results. However, over half (51%) didn’t agree that they saw themselves as ‘investors’.

Coming in at 58%, more than half of women don’t see themselves as investors, saying they wouldn’t know where to begin when it comes to investing.

Retirement plans

When it comes to retiring, women are more likely to be looking forward to it, with 61% of women excited to embrace the prospect compared to just 45% of men. 

According to Standard Life, this gender difference is consistent across all characteristics such as employment status, income, and pension ownership.

Somewhat revealingly, almost a third of men (32%) do not find the idea of retirement appealing.

The survey also shed some light on plans for after retirement with 61% of women having travel at the top of their retirement plan compared to 49% of men.

Check out our personal finance articles

If you haven’t started saving for retirement and would like to find out more, you can consult our in-depth beginners’ guide to pensions at this link.

You can also listen back to one of our episodes of the bonkers.ie podcast in which we discuss everything you need to know about planning for your retirement.

In the meantime, if you’d like to find out more about other personal finance topics, why not have a look at some other helpful content we’ve written below.

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Get in touch

Do you have any questions about Standard Life’s latest Retirement Pulse survey? Or any questions about pensions in general? Get in touch with us in the comments below.

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