Three Key Industries
According to the research, the gender pensions gap exists regardless of average pay across different sectors, and ranges from a gap of 59% in the healthcare industry, to 13% in courier services.
The following sectors were found to have the largest gender pensions gaps:
- Healthcare (59%)
- Construction (51%)
- Real estate/property development (48%)
- Pharmaceutical (46%)
- Aerospace, defence and government services (46%)
- Senior care (45%)
Of these six sectors, three are key industries for female employment – healthcare, pharmaceuticals and senior care.
Lower Pension Contributions
There are many reasons for the gender pensions gap, ranging from women holding fewer senior positions and being paid less, resulting in lower pensions contributions, to the fact they are more likely to take career breaks due to caring responsibilities.
Of those that have taken a career break, 38% did not know the financial impact it had on their pension contributions.
Gender Financial Confidence Gap
Another potential driver is a significant gender confidence gap when it comes to managing pension pots: only a quarter (28%) of women said they had confidence in their ability to make decisions about their pension, compared to almost half (48%) of men.
This lack of confidence extends further to other financial decisions, with women less likely than men to feel confident managing their investments (22% of women versus 41% of men), and their savings (56% of women versus 67% of men).