The Government should pay public money into the personal pensions of women who take time out of work to care for children or elderly relatives, a think-tank says today.
The Social Market Foundation said that without significant new support for women’s pensions, increasing lifespans will widen economic gaps between the sexes and see women’s wealth falling further behind men.
Longer lives could amplify existing differences between male and female earnings and savings, the SMF said, warning that without early intervention, changes in longevity could set back progress towards economic equality between the sexes.
The SMF made the warning ahead of publishing “Gender equality and the 100-year life”, the second in a series of reports supported by AIG that address the public policy challenges raised by rising longevity.
The report also reveals new polling evidence, showing that people still overwhelmingly expect women to bear most of the burden of looking after children and elderly relatives. For instance, 27% would expect a brother to care for elderly family, but 34% say a sister should do so.