Scottish Widows have today published their annual Women and Retirement report, a look at the current state of women’s preparations for retirement.
The report comes in a moment when we continue to face uncertainties over the health and economic implications of Covid-19. In that context the report explores some of the continuing inequalities between men and women in retirement preparations. It pin points many of the long-running structural inequalities that play a dual role: fuelling gaps in retirement preparations, and leaving many groups of women particularly exposed to the economic consequences of the pandemic.
While addressing all of these challenges goes well beyond pensions policies, the report does also identify important pension policy levers. Those include raising default savings rates under automatic enrolment, expanding the reach of automatic enrolment by lowering the minimum age and removing the minimum earnings threshold which depresses the amount people are putting away. These reforms can act to boost savings, particularly for those saving least, such as young women.
Alex Kirykowicz, a Manager in our financial services practice commented “The report highlights important and enduring issues that we need to resolve to provide men and women with good retirement outcomes. It has been a real pleasure and privilege to work with Scottish Widows to tell this important story.”
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