The average size of pensions have ballooned from £29,000 to £50,000 in two years. This is putting many savers in far better positions to enjoy their live after retiring.
Although men are far more likely to have boosted their savings than women. Although this has increased across the board, men have saved £73,600, nearly three times the £24,900 saved by women.
These changes have now raised more awareness of the importance of saving at working age to be able to be comfortable after retirement. IT has now been said that 14 per cent of working age people, around 5.5 million out of 40.4 million 18-65 year olds are now saving more into their pensions as a direct result of the changes.
The average pension size have increased from 2015 to 2017 from £28,000 to £50,000. The gender gap between average pot sizes could be down to more women than men being among this cohort of newly auto-enrolled but modest savers. Meanwhile, men tend to earn more so can better afford extra pension contributions.
Difference between men and women’s average pension pots