Women retire on £695 less a month than men
Women have an average of £695 less per month in retirement compared to men, research shows due to the gender pension gap.
Their pension pots are some 27 per cent smaller than their male counterparts, according to a study from financial services firm Legal & General and think tank the Happiness Research Institute.
The research found pensioners of both sexes with an average monthly income of about £1,700 are the most likely to be happy, but just 38 per cent receive an income of this level or above.
Women are less likely to achieve this, says Legal & General, as some 28 per cent live on less than £1,000 a month compared to 14 per cent of men.
Pension gap: Women have an average of £695 less per month in retirement compared to men
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The Pension and Lifetime Savings Association (PLSA) says a single person needs £43,100 a year for a comfortable retirement. Income of £1,000 a month would fall short of even the minimum amount of £14,400 a year that the PLSA recommends.
However, the report found an increased income had a less significant impact on women's happiness compared to men, who showed increased happiness as their income rose.
Katharine Photiou, of Legal & General, says: 'Women have less to live on than men in retirement which makes it harder for them to meet the cost of essentials. But what's fascinating is that our research showed women are often better at not letting a lack of money get them down and find other ways to stay happy, such as building stronger connections.'
Last week marked 'equal pay day', from which women are effectively working for free until the end of the year due to the pay gap.
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