Women have an average 40pc less in pension pot as 'staggering' gender divide exposed

"The average Irish woman's pension pot is a "staggering" 40pc less than men's. An average pension pot for a man in Ireland is €102,000. But it is only €60,500 for women, according to research by the Irish-owned network of financial advisers Ask Acorn. This means that Irish women have on average saved around €41,400 less into their pension pots than men, indicating a gender pension gap of 40pc, according to a survey conducted by iReach for Ask Acorn."

"Three out of 10 Irish adults have no retirement savings, a situation that is supposed to be addressed with the promised launch of the My Future Fund auto-enrolment pension fund from the start of next year. But a far higher proportion of women have no pension to draw on in retirement, other than the PRSI state pension. It pays out a maximum of €289.30 a week."

Average pension pot for men is €102,000 while for women it is €60,500, a €41,400 difference and a 40% gender pension gap. Three in ten adults have no retirement savings, with a far higher proportion of women relying solely on the PRSI state pension, which pays a maximum of €289.30 a week. More than a third of women have no retirement savings versus one in four men. Males aged 55-plus average €145,000 in pensions, while females average €83,000, a gap of €62,000 (almost 43%). Across savers the average pot is €80,500, and over half of women savers have at most €30,000. Wages in some female-dominated sectors are often low.

Read at Irish Independent