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About 70 per cent of women do not have pension

The average female nest egg amounts to just €1,800 per year for the entire of their retirement.

Image: Pensions via Shutterstock

SEVEN OUT OF 10 women in Ireland do not own their own personal, company or work pension, a new survey has revealed.

According to research carried out by Standard Life with 1,000 women across the country, the trend for female pension ownership is down year-on-year (from 42 per cent to 30 per cent).

Just 30 per cent of respondents said they owned a pension. That can be compared to the corresponding male figure of 51 per cent.

The top reason cited for not contributing to a private pension is because they cannot afford to in the current environment.

“I do worry about women when I see these results,” said Aileen Power, head of corporate communications, at the firm. “Women want independence and their own money in retirement if at all possible.  But you can’t have independence without saving for it.”

The data showed that the average nest egg for retirement for women is about €37,400 which works out at an average yearly income of €1,800. The average male pension pot is more than twice this amount at €86,300 or a retirement income of €4,100 per annum.

More than a quarter of respondents will rely on their husbands or partners to finance their retirement. Of those who do own a pension, about 7.5 per cent say it is a joint one with their partner.

About seven per cent of women own additional voluntary contributions, which are described as the rocket fuel of pension savings. Again, they lag behind their male counterparts of whom 15 per cent have opted for the pension top-ups.

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