Gender gap extends to pensions, research shows

Ottoline Spearman

The gender gap for pensions is at 40 per cent, according to research by financial services intermediary, Ask Acorn.

The company surveyed 1,000 adults earlier this year, and found that the average pension pot is €102,017 for men but only €60,562 for women - a 40 per cent difference.

This means that women have, on average, €41,455 less in their pension pots than men.

Moreover, 34 per cent of women and 25 per cent of men have no retirement savings at all.

Keith Butler, CEO of financial services intermediary Ask Acorn, said: "Given that women in Ireland typically live longer than men, and the substantial increase in recent years in the number of female retirees, the gender pension gap is hugely concerning.

These figures come as the latest CSO statistics were released, which show the number of women in the top one per cent of earnings increasing marginally to 26.6 per cent last year, compared with 2023.

However, men still account for almost three-quarters of the top one per cent earners.

Dublin had the highest median annual earnings in 2024 at just over €49,000, followed by Kildare and Wicklow.

The lowest median annual earnings were recorded in Donegal, Monaghan and Longford.

Mr Butler said: "The CSO’s latest figures show that women are consistently underrepresented among higher earners. Even in sectors where women dominate the workforce, like health and education, they are far less likely than men to feature among the highest earners."

Karen O’Flaherty of Royal London Ireland said that there are steps women can take to improve and/or secure their financial position.

"Prioritising pension contributions early - even small amounts - can have a meaningful impact over time.

"Considering additional voluntary contributions to boost retirement savings, especially for those in part-time or flexible work arrangements," she said.

"Exploring employer pension schemes and ensuring contributions are maximised. Seeking financial advice to plan for the long-term and avoid pension shortfalls.

"Understanding the impact of career choices on pension savings is crucial, and ensuring financial security in later life starts with decisions made today.”