Single male pensioners receive up to 26% more income than female pensioners, according to official data compiled by digital wealth advisory firm, Fintuity.
The findings, analysed using data compiled by the Office for National Statistics, reveals that the gender pension gap between single men and women was only eight per cent in financial year (FY) 14/15, noting a rise of 18% in four years.
In 2018/19, the average incomes for males, who were under 75 and 75 or over, were £441 and £429 per week, respectively during this period. At the same time, these figures were significantly lower for the same age groups of women: their average income per week reached £333 for those under 75, and £315 for 75 or over.
Furthermore, according to analysis from Fintuity, a woman in her 20s would need to save approximately £1,300 extra per year in order to close the gender pensions gap. However, this average amount increases depending on age.
For example, the average 30-year old woman would require an additional £2,000, a 40-year old woman would require an additional £2,900 and a 50-year old woman would need to acquire a further £5,300 in order to close the gender pensions gap.
Gross income of single pensioners consists of different sources, including; benefit income, occupational pension income, personal pension income, investment income and earning income. According to the most recent pensions data, in FY 18/19 occupational pensions income for men was on average 35% higher than women, compared to 23% four years prior.
The personal pension income gap was 63% in FY 18/19, compared to 46 per cent in FY 14/15, and, the investment and earnings income gap between male and female pensioners increased from five and eight per cent in FY 2014/15, to a massive 61 and 74% respectively. Suggesting that women are not as capable of making savings and investments due to low income which results in lower level of pensions.
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