Most Women Over 50 Haven’t Done This Retirement Check

Here's a question that might make you want to close this tab immediately: do you know how many paydays you have left before retirement? If you just felt a small wave of panic, you're not alone. New research from Aviva Life & Pensions Ireland has revealed that almost two in three working women over 50 have never done that particular bit of maths.

We get it. Between the cost of living crisis, trying to maintain some semblance of a social life and wondering if you'll ever afford a house (or a really nice holiday, at minimum), retirement can feel like a problem for future you. But the findings released ahead of International Women's Day paint a pretty stark picture of where Irish women stand when it comes to pension preparedness.

The numbers are… not great

Let's rip off the plaster. According to Aviva's study of 255 adults aged 50+ who haven't yet retired, 65% of working women in this age bracket have never calculated their remaining paydays until retirement. For men? That figure drops to 53%. Still not brilliant, but there's a noticeable gap.

More than half of the women surveyed (55%) said that thinking about retirement makes them feel anxious. Which tracks. It's hard to feel calm about something when over half of you don't know what your pension is actually worth, and 58% have no clue how it's invested.

The research points to what Aviva is calling a 31% gender pension gap. To put that in real terms: women would need to work an extra ten years just to match men's retirement savings. Ten years. That's not a gap, that's a chasm.

Why the gap exists (spoiler: it's systemic)

None of this is happening because women are bad with money. The research highlights several structural issues that contribute to the pension shortfall. Women are more likely to work part-time (23% compared to just 7% of men) and shoulder unpaid caring responsibilities (36% versus 26% of men). Both of these reduce total contributions over time.

Women also start their pensions later on average. The typical age for women to begin saving is 35.3, while men start at 32.7. That might not sound like much, but compound interest is a powerful thing. And here's a stat that really stings: women are almost twice as likely as men to only start saving at age 50 or older (17% vs 9%).

Then there's the knowledge piece. Two thirds of women (65%) aren't aware of the tax benefits available under a private pension, compared to 44% of men. And 22% aren't even sure what proportion of their salary they're contributing. It's hard to optimise something you don't fully understand.

The confidence question

Beyond the practical barriers, there's also a confidence gap at play. Only 29% of women feel confident about making investment decisions (versus 53% of men), and two in five aren't sure what they'll actually do with their pension pot when they retire.

Women are also less likely to prepare for early market downturns. Just 32% hold or plan to hold a cash buffer for the first few years of retirement income, compared to over half of men.

When it comes to seeking advice, women report slightly lower engagement. Only 61% have visited a financial advisor, and just 30% say they felt better off after receiving advice. One in five believe financial advice is more targeted at men. Which… yeah. Financial services hasn't always been the most welcoming space for women.

So what can actually help?

Aviva has launched a Women Tackling Finance hub (now in its third year) with short, accessible videos designed to make pensions and investing feel less intimidating. New content has just dropped, and it's worth a look if you've been putting off the pension chat with yourself.

Clair Carroll, Head of Corporate Distribution at Aviva Life & Pensions Ireland, said: 'This research highlights four interconnected gaps putting women at a financial disadvantage as they approach retirement – pension behaviours, knowledge, advice and confidence.'

'Many women haven't calculated how many paydays they have left, and it's hard to feel confident about the income their pension will provide if you don't know what you have, how it's invested, or what options are available to you when you retire.'

Her advice? 'The most important step women – or anyone – can take is to speak with their financial advisor or broker, who can help them understand their options, build confidence and take meaningful steps towards a more secure retirement.'

Look, nobody's saying you need to become obsessed with spreadsheets overnight. But maybe this is the nudge to log into that pension portal you've been ignoring, or finally book that chat with a financial advisor. Future you will probably appreciate it.