Daughters – how to avoid working an extra 37 years

As reported by the BBC today on International Women’s Day 2021, if women increased their pension contributions at the start of their careers by 5%, they could close the £100,000 pension gap that currently exists between them and their male peers.

To achieve ‘retirement parity’, Scottish Widows points out there is an alternative. If young women don’t/can’t save the extra 5% during the early parts of their careers, they will need to work an additional 37 years after their male contemporaries have already retired. Hmmm.

My thanks goes to my 24 year old daughter for sending me this article. I assume she has taken note.

By Helen Sachdev