Could More Female Financial Advisers Help Narrow the Pension Gap?
Summary
More women working as financial advisers could help reduce the pension gap between men and women, experts say. Women often have smaller pensions because of career breaks and lower pay, but female advisers might better understand women's financial needs and encourage them to plan for retirement.Key Facts
- Women make up about 18% of financial advisers in the UK and around 20% in the U.S.
- Women often prefer working with female financial advisers who they feel understand their situation.
- Women tend to live about four years longer than men but receive pensions that are about 25% smaller.
- Career breaks for caregiving and age discrimination can shorten women’s working years and reduce retirement savings.
- Nearly 60% of retired people living in poverty in Britain are women.
- In the U.S., about 17% of women over 65 live in poverty, compared to 14% of men.
- Female financial advisers could help educate women on managing their money and pensions better.
- The pension gap partly results from different financial needs and challenges between men and women.
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