According to a recent survey, women are over twice as prone as men to depend heavily on the government’s pension for their retirement income. The Retirement Planning Council of Ireland’s research revealed that 75% of respondents agreed that women have faced a historical financial disadvantage relating to pensions. This is attributed half due to the expectation of women providing care for children and family without compensation, and 35% believe it’s because women are more likely to hold lower-paid or part-time roles.
The study highlighted that 68% of women predicted that their main source of income in retirement would be the government pension, whereas this was only the case for 32% of men. The majority of individuals believed that the pension gap would be addressed by the initiation of automatic enrolment, a view that Laura Farrell, the chief executive of the charity, found “inspiring”.
The research also found that 60% of women surveyed stated they may continue working past the age of 65. This compares to 40% of men. Farrell notes that many women nearing retirement age were brought up in a period where their mothers were not likely to receive a pension, leading to a potential lack of emphasis on retirement planning. The research revealed that 80% of women had not considered the requirement for financial preparation for retirement.
Farrell advocates for early and clear retirement planning, stating that “retirement can be a fulfilling and enjoyable phase of life”. She remarked that some women still experience the financial consequences of the marriage bar, a regulation forcing women in various occupations to quit upon marriage, which lasted until 1973.