Statistics on women and pensions are bleak and little has changed over the past decade. Change will require some huge societal shifts around family responsibilities and caregiving to see these move dramatically.
Women have career interruptions to take time off for children – men don't. Not only this, women are more likely to take time off care for relatives or offer other family support, and this time out of the workforce can pause a woman's career path and can have repercussions further down the line, not just when they return to work.
Further amplifiers of the wealth gaps are the lack of education and awareness women tend to have when it comes to financial advice. "Some of it is down to financial education, and some of it comes from what they've been brought up with," says Katie Campbell, financial adviser at Autonomy Finance, part of the St. James's Place network.
"The more finances are talked about in a family, the better educated the male or female is. Sometimes we come across 20-year-olds making very good financial decisions. They have been told that they need to do a pension, they don't really understand why, but they know it's important.
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