Men over twice as likely to receive pensions advice than women

Written by Theo Andrew

Men are over twice as likely to have their pensions reviewed by a financial advice firm, according to research by Selectapension.

The firm’s money purchase tool revealed that of those aged 53 and 54 years old who are using the service, just 28 per cent were women, compared to 72 per cent of men.

Furthermore, men’s transfer values are significantly higher than women’s, totalling £17bn and £5bn respectively.

Selectapension director, Peter Bradshaw, said: “Despite the regular press and media coverage about the gender gap, not much has changed in the last three years. Increased messaging around early pension saving is helpful, but there needs to be a greater focus on women in the middle of their careers to help them engage with financial advice.

“Beyond transfers and consolidating pension pots, an adviser can provide holistic planning by reviewing all clients’ assets including ISAs, investment bonds and savings plans which can be used to meet varying needs at retirement.”

Last month, PensionBee found that the pension gender gap rose to as much as 76 per cent in parts of the UK, averaging out at 31 per cent.

PensionBee CEO Romi Savova said: “It’s not fair that a pension gender gap exists, but given the reality of lower pay as disclosed by most UK companies, it is important that women take action early on to stop income inequality becoming a life-long burden.

“Targeted pension contributions are a great way to put women back on an equal footing and something every woman should consider as part of her retirement planning.”

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