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Women start pensions earlier than men but feel less confident, new research
['Chloe Gronow', '.Wp-Block-Post-Author-Name Box-Sizing Border-Box']
IFA Magazine
But new research from Wealthify has revealed a difference in how men and women differ when it comes to pensions — with women contributing to their pension earlier than men, yet feeling less confident and informed about their retirement planning.
Wealthify surveyed 1,000 working-age pension holders across the UK to understand how men and women differ in their pension habits and knowledge.
Understanding pension terms plays a key role in this confidence gap.
For example, just 9% of women understand “volatility” compared with 21% of men, while “triple lock” is understood by 10% of women and 21% of men.
Similarly, terms such as “drawdown” and “annuity” show a ten percentage point gap between men and women.