Retirees have high confidence in their pensions, but the gender gap remains
Overall, UK people are positive about pension income outlook.
This is based on the AJ Bell Retirement Income Index.
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AJ Bell scored 54 on his first AJ Bell retirement income index. Over 50 suggest that pensions are confident that they will provide enough income to support them through retirement. A score below 50 suggests a lack of confidence.
However, there is a division of “yawning” between men and women.
Men score 59 retirement income scores, while women score 49, indicating that they are both confident and lacking in their pensions that offer retirement benefits.
Though the level of trust in pension income is higher among retired people, there remains a large gap between genders.
All retired respondents received a retirement income score of 68, while female retirees received a 63.
All Respondents Employer Boring Memotet Women Bored Income Index Score (50 = Over Confidence, 50 = Not Confidence) 545949687463
Tom Selby, senior analyst at AJ Bell, comments:
“As the UK economy recovers from its lowest level, lockdown measurements have slowly eased, with many investors enjoying the stellar returns over the past 12 months saying that Britain is on pension outlook You might expect to gain confidence.”
“In addition, there is a significant gap between men and women, with men recording a retirement income score of 59 and women recording a 49.
“This likely reflects in part that women tend to accumulate a much smaller retirement pot on average than men. In fact, among those who have entered the drawdown since 2015. And men’s average pension is one-third (34%) greater than women’s**,” Selby said.
