Some 67% of women aged 41-55 believe they will never retire the interactive investor Great British Retirement Survey 2023 has revealed.
Conducted for ii by Opinium, the survey showed that not saving enough for retirement was the third-biggest worry amongst 26% of respondents.
The cost-of-living crisis is continuing to cause financial concerns among Brits with 41% of respondents identifying finances as the external factor most impacting their mental wellbeing.
With 56% of those aged 41-55 saying they think they will never retire with this figure rising to 67% for women.
The data revealed that women are 14% less likely to have any pension pots than men and they expect £8,000 less in pension income.
To read more on this topic, visit: Gender pension gap set to widen as men have double retirement pot
This is down to a number of factors including that women are more likely than men to spend time outside of the labour market or work part-time to be able to provide childcare for their family.
Data from interactive investor has also shown 28% of women don’t have a pension pot compared to 18% of men, highlighting that the gender pay gap feeds through to a pensions gap, suggesting why some women believe they will never retire.
Rise of ‘living inheritances’
The survey also revealed that a tenth of over 40s said they had given a ‘living inheritance’ in the past three years and 15% had among those aged over 65.
The most common reasons for being given a living inheritance were to see the benefits during a respondent’s own lifetime (40%), helping with either a deposit on a home (28%) or the rising cost of living (32%).
Alice Guy, head of pensions and savings at interactive investor, said: “The Bank of Mum and Dad, and Grandma and Grandad, is alive and well, with many aware of generational inequalities and passing on wealth to help their younger family members build financial resilience.
“Our research shows that, far from being a generational battle, we are all on the same side, with many parents and grandparents making sacrifices to help the next generation and giving generous ‘living inheritances’ to their loved ones.”
