According to new figures, women are saving a larger percentage of their income into pensions than men.
Government pensions group NEST (National Employment Savings Trust) have released figures that show the number of women saving into workplace pensions has risen to 84%, up from 63% in 2007. What’s more, almost 3 million women earning between £10,000 and £14,999 have an account balance 20% higher than men earning equivalent salaries. Historically, women have found it much more difficult to save than men for a variety of reasons, however not only are they are beginning to realise that saving for retirement is extremely important, but auto-enrolment has played a part too.
Auto-Enrolment Helping Women Save
Auto-enrolment has been attributed to the increase in women saving into a pension, as now all employers must offer a pension scheme to employees. Helen Dean, chief executive of NEST, said:
“What’s particularly exciting is that when we adjust for earnings, our figures show women tend to contribute more than men and have higher pension pots.”
As of April 2018, over 9.8 million workers had been auto-enrolled in a workplace pension scheme, and the total amount saved last year was £90.3 billion.
If you would like more information on saving for your retirement, take a look at our pensions services to see how we can help you.