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Females 'expecting lower pension income than males'

Females 'expecting lower pension income than males'

Females planning to finish work this year expect to receive a significantly lower income in retirement than their male counterparts.

That is according to new research released today (June 8th) by Prudential, which has found that women believe they will get around a third less than men after ending their involvement in the employment sector permanently.

The Class of 2012 study established that females anticipate living off an average of £12,250 annually in retirement, while males think they will get around £18,000 a year.

Despite the fact this discrepancy of £5,750 is less than the £6,500 recorded in 2011 and is indicative of the fact the gender pension gap is shrinking, such a figure still shows there is a long way to go until equality is achieved, the report noted.

Vince Smith-Hughes, retirement income expert, said: "Not only does the gap remain stubbornly wide, but anticipated retirement incomes have this year hit a five-year low for both men and women."

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Posted by Trusha Vyas