Pensions Planning in the UK: A gendered challenge

Gender differences in the accumulation of pension savings are well documented. Work in this field has concluded that while differing lifetime work profiles (and family history) explained much of the difference, other factors such as pension knowledge and confidence in decisionmaking, may also be significant. This research, funded by the Fawcett Society in association with Scottish Widows, explores some of these factors through the use of 30 semi-structured interviews and a focus group with women (aged 24-39) about their attitudes and motivations towards pension saving. It concentrates on discussions around pension knowledge, advice and decision-making, and identifies challenges in relation to women’s pension knowledge and the use of male ‘role models’ in making decisions. The paper then explores potential policy mechanisms to enhance women’s pension saving for retirement, including the manner in which information and advice is provided and strategies to improve confidence in pension decision-making.