Scottish Widows launches female pensions gap awareness campaign

Scottish widows - female pensions

Launching on International Women’s Day, Scottish Widows’ Gender Pension Gap campaign has been brought to life in print, social and radio.

Scottish Widows’ campaign

The campaign, created by adam&EveDDB, aims to encourage women to engage with their pension as early as possible and follow expert tips and advice from Scottish Widows to help close the 100,000 Gender Pension Gap.

On average women in their twenties today are on course to retire with 100,000 less in their pension than men the same age.

To get the same size pension as a man, they would have to start work a lot younger.

This affects millions of women around the UK, with many not knowing it’s a problem until it’s too late. It’s always better to go to someone like these pension advisers in liverpool Joslin Rhodes sooner rather than later.

As well as raising awareness of the issue and encouraging women to take action, Scottish Widows is taking on the gap by lobbying the government and by working with employer pension schemes across the UK. Many women have already taken a look at their options, going to sites like Life Cover Quotes to consider how to save for their palliative years as well as working on improving their pension pot, but more have yet to see the options available to them.

Young females disengaged

Young people are one of the most disengaged groups when it comes to their pension, the company said.

But for young women in particular, this is a major problem as the later they begin to save for retirement, the larger the gender pensions gap gets. This can become a huge issue as a woman hits retirement age. Women must pay the same bills as men and the same taxes as men, but they are less financially able. Exploring tax relief tax penalties is one option for women struggling to pay their retirement taxes, but the issue of smaller pension pots should also be addressed at the root.

Scottish widows - female pensions gap

Women already face being 100k worse off than their male counterparts when they reach retirement due to challenges including reducing hours to look after children and being more likely to work in shut-down industries, such as retail and hospitality.

This means that women face needing to work far longer in order to catch up to the same size pot.

If they didn’t want to do that, they could look into the idea of learning whether going down the route of an IRA or 401k is the best financial option for them when it comes to retirement. Luckily, places like SoFi (https://www.sofi.com/learn/content/ira-vs-401k-which-is-best-for-you/) can help to give you a helping hand should you need to make these decisions yourself. Whatever you do, you need to make sure that it is the right one for your own personal finances.

The campaign highlights the need for young women to engage with their retirement savings at the earliest possible point, communicating the benefits this would provide over time.