Over half of women say their pension isn’t enough to be financially independent

(2 minutes to read)

Working Wise: ‘Women are more likely to have ongoing caring responsibilities that mean they will reduce their hours, work-part time or require flexible working and it is these necessities that are causing women to reduce or even stop their pension payments’.

A new report has revealed that half of women aged 45+ say that they will need to keep working beyond retirement age in order to make ends meet.

The ‘Gendered Ageism’ report from Working Wise also shows that 53% of the 1,356 45+ women questioned admit that their pension won’t be enough for them to be financially independent.

For many women, this could be due to ‘caring responsibilities’, such as having and looking after children. Of those surveyed, 83% of respondents have worked part-time for at least one year of their career, and 27% worked part-time for over a decade.

The data shows that 71% of women felt that going part-time or taking a career break was the reason behind reducing their pension payments, additionally, 64% of respondents shared that due to a career break or reduced hours, they have previously stopped their pension payments altogether.

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Gillian Nissim, Founder at workingwise.co.uk, said, “The gender pension gap is 37.9% which is startling until you see the results of this report which reveals that from the moment women have caring responsibilities, their pensions start to come crashing down. Women are more likely to have ongoing caring responsibilities that mean they will reduce their hours, work part-time or require flexible working and it is these necessities that are causing women to reduce or even stop their pension payments, these career decisions are then coming back to haunt women’s pensions in later life.

“We need to increase the support that women have when it comes to truly understanding their pension savings, and on top of this, we need to start to make changes in the workplace that will make a dent on the 37.9% deficit that looms over women as they approach retirement. That over 50% of women will need to keep working beyond requirement is a huge wake-up call to the true impact that this pensions gap is having on women’s lives.”

To find out more about contracting please contact Jaime on 01442 795 100 or email jaime.thorpe@dolanaccountancy.com.

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Why Dolan Accountancy?

Dolan Accountancy was set up by Simon J Dolan, the man behind the well-known brand SJD Accountancy. With over 25 years experience in the contracting marketing, Dolan Accountancy has the heritage, reputation and credibility you can trust. Working closely with our sister company, Contractor Umbrella, it means we can offer one low cost, fixed fee package at £105 + VAT per month. This gives you the flexibility of using both our Limited Company Accountancy Services and our award winning Umbrella Service, for one inclusive cost. We don’t believe in tiered packages or hidden extra fees, instead we aim to give you everything you need, including:

  • Free Company Formation – This is where it all begins. Once you have decided on an available name, we will form your company free of charge (if using our accountancy services) and it will be ready for you to use in as little as three hours.
  • Free use of Contractor Umbrella – With changes in Public Sector IR35 Legislation we understand that sometimes you are required to contract via an umbrella company. We will keep your limited company ticking over, while you work margin free via our sister company, Contractor Umbrella.
  • A Dedicated Accountant – Your accountant will be there for any company or personal tax advice that you require. We will never outsource work, even to internal teams.
  • Free Access to FreeAgent – The founder behind the multi award winning FreeAgent platform was one of Simon’s first clients, therefore it only seems fitting that we offer all of our clients access to FreeAgent, free of charge.
  • Free Business Banking – We have decided to waive our commission so our clients can use Tide free of charge for the first year.
  • Unlimited IR35 Status Reviews – We will review all of your contracts for IR35 purposes and provide you with our professional opinion as to its status.
  • Free Registered and Director’s Service Office Address – Sometimes you just don’t want your home address on display at Companies House. When you sign up to our accountancy services, we will offer the use of our address as an alternative.
  • Your Business and Personal Taxation Needs – This includes Company Accounts, Director’s Personal Tax Return, VAT Returns, Payroll, Corporation Tax and Dividend advice, to name just a few.
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If you’d like to find out more about how Dolan Accountancy can help you and your business, please give us a call on 01442 795100 or email sophie.lewis@dolanaccountancy.com or jaime.thorpe@dolanaccountancy.com.

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