The pandemic has increased the gender pensions gap to almost £200,000, studies have shown, but there are steps women can take to improve their financial security later in life.
Data from the Centre for Economics, Business and Research has revealed the pandemic has increased the gender pensions gap, despite women giving a bigger proportion of their income to pensions over recent years.
According to Michelle Crowley, wealth planner at Succession Wealth, there were several reasons for this.
She said: “One is that women are more likely to take a career break or work part-time, especially when they have young children.
“In fact, 75 per cent of part-time workers are women. Women are also more likely to work in low-income positions too, and in industries affected most acutely by the pandemic.”