Pension pot for women 60% less than for men

Women find themselves in the unenviable position of facing into retirement with a pension pot 60% less than their male counterparts can expect to enjoy, a new wide-ranging study has found.

This means women have to draw from a smaller pool of assets for a longer period of time in retirement, according to Mercer Ireland pensions expert Mairead O’Mahony.

“This means financial planning becomes even more important for women. Organisations who recognise and provide for the unique needs of women when it comes to financial planning will distinguish themselves in attracting and retaining female talent,” Ms O’Mahony added.

The research carried out across 164 companies in 28 countries also found that one-third of executive positions will be held by women by 2024 if current trends continue — with the current European rate at 18%.

Separately, however, a new PwC report identifies young Irish women as the most confident and optimistic of any generation.

Almost half of female millennials (those aged 20-35) believe they can reach the highest levels in their job, while 85% have strong female role models that they can identify with, as opposed to less than 70% globally.

Conversely, these same young women feel talk of diversity is just that, and while organisations promote equality, opportunities are not the same for everyone.

A third of female workers between 20 and 35 hold a good benefits package, including pensions and healthcare as one of the most attractive employer traits.

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