Life Insurance -
Scottish Widows releases pensions findings - 31/10/2007
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There is a definite gender gap emerging when it comes to taking out a pension scheme, research from life insurance provider Scottish Widows shows.
The life insurance firm's study shows that while 35 per cent of men have taken out such a scheme, the figure drops to just 22 per cent among women.
This is despite a further finding of the life insurance firm's report, which shows that on the whole employers contribute less to female staff member's pensions then they do to men.
Ian Naismith, head of pensions market development at Scottish Widows, says: "It has widely been reported that women are disadvantaged in the labour market in terms of earnings - what this report reveals is that as well as earning less, women are saving less for their futures than men.
"And even the women that are saving in a pensions are saving a smaller percentage of what they earn - effectively compounding the effect of the pay gap, and making the gender ‘pensions gap’ even wider."
The gender gap has the potential to grow wider still, with the life insurance firm also finding that 54 per cent of men are currently 'saving adequately' - compared with just 41 per cent of women.
This represents a five per cent increase over last year's findings - though the figure among women has registered no change.
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