Women are more than twice as likely as men to rely heavily on the State pension for their income in retirement, according to a new survey.
And three-quarters of those responding to the study by the Retirement Planning Council of Ireland agreed that women have historically faced financial discrimination when it comes to pensions. Half attribute that to the focus on woman for the provision of unpaid care to children and other family members, while 35 per cent think it is due to women being more likely to have low-paid or part-time jobs.
The survey shows that 68 per cent of women expected to depend on the State pension largely for their retirement income compared with just 32 per cent of men.
Almost two-thirds think the introduction of auto-enrolment will help address that pensions gap, a finding that Laura Farrell, the charity’s chief executive, described as “encouraging”.
Six out of 10 women said they would consider working past the age of 65, according to the study by the charity, which runs courses to help people manage the transition from work into retirement. That compares with just four in 10 men.
“About two-thirds of those attending our pre-retirement courses express concern about managing their finances in retirement,” said Ms Farrell. “At present, there is a cohort of women approaching pension age who grew up in an era when their mothers did not expect a pension; therefore pensions may not have been a high priority in their retirement planning.”
According to the survey, four out of five women had not thought about the need to be financially prepared for retirement.
[ I’m about to turn 66 and the pension policies for people like me are bizarreOpens in new window ]
“It is important for individuals to have a clear plan in place for this phase of their life and to start acting towards their goals as early as possible,” Ms Farrell said. “With the right planning and support, retirement can be a fulfilling and enjoyable phase of life.”
She noted that some women are still living with the pension fallout from the marriage bar, which, until 1973, forced women working in many jobs to resign when they married.
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