Did you know that women in Ireland would need to work eight years longer than men to retire with the same pension pot? A recent Gender Pension Gap Report from Irish Life revealed a staggering 36% gap in pension savings between genders.
The research pointed out two main reasons for this gap: salary discrepancies and time out of the workforce. On average, women earn 22% less than men, and they spend six years less in paid employment due to factors like maternity leave and family care responsibilities.
Despite starting their pensions at the same age and contributing similar percentages of their salary, women still fall behind in pension savings. Irish Life is urging stakeholders to address this issue to ensure a more equitable retirement for women.
Shane O’Farrell, Director at Irish Life, emphasized the importance of closing this gender pension gap, which he believes has a significant long-term impact. It’s time to take action and bridge the divide in pension savings between men and women in Ireland.