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Bank claims: Women 'expect smaller retirement income than men'

Elderly women could be at a greater risk of struggling with unsustainable loan charges and credit card claims than their male counterparts, as research from Prudential has found females expect their retirement income to be significantly lower than men do.

While the average man thinks he will receive £18,000 every year when he is a pensioner, this drops to just £12,250 among women.

This adds up to a £5,750 'gender gap', the organisation noted.

Discrepancies between the anticipated retirement income of males and females are the smallest in the north-west and the largest in the south-east.

Furthermore, while 40 per cent of men believe they will not have enough cash to live comfortably when they are claiming a pension, this rises to 49 per cent among women.

"The fact is that in terms of both state pensions and private pensions, women's prospects are worse," Saga director-general Dr Ros Altmann commented.

She added: "This is particularly the case for the older women, since our pension system has adjusted in more recent years to be fairer to women."

Charles Baker
Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801380737-ADNFCR

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