Money Box Money Box Live: Why Are Women Retiring with Less?
Aug 12, 2025
In this engaging discussion, Steve Webb, a former pensions minister, and Daniela Silcock, a pensions research expert, tackle the troubling statistics surrounding women's retirement savings. They reveal that women hold just 42p for every £1 men have in private pensions and discuss the lingering impact of caregiving and unequal pay on financial independence. The guests share insights on government initiatives for unclaimed pensions aimed at women and the urgent need for systemic changes to ensure fair retirement opportunities for all.
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Care And Labour Market Drive Pension Gap
- Women retire with significantly smaller private pensions due to career breaks, part-time work and pay gaps.
- Household saving patterns and job segregation compound the gap, leaving women with roughly half men's private savings by their 50s.
Check And Fill NI Gaps Early
- Check your National Insurance record on gov.uk to see which years are missing and whether you can pay voluntary contributions.
- Fill gaps in up to six past years or pay as you go before retirement to boost your state pension.
Use Employer Matching Generously
- Ask your employer if they offer additional pension matching and increase your contributions if they will match extra payments.
- Use employer matching to rapidly grow your pension with effectively free money.