20th November 2014

Aegon: Global report examining how prepared women are for retirement

Women around the world share the same hopes for retirement as men. However, a sense of anxiety arises among women when asked about their expectations for retirement. 

A quarter (24%) of women associate the word “retirement” with “insecurity” and almost one-fifth (18%) with “poverty”.The feeling of anxiety is reflected in what women actually can or will do to strengthen their financial position in the future. Only one in five women believes she is on track to achieve her required retirement income.

New research from Aegon examines the retirement preparedness of women in the workforce in 15 countries spanning Europe, North and South America and Asia. Women: Balancing Family, Career & Financial Security is drawn from a survey of 16,000 workers and retirees, including 7,956 women.

"It is fair to say that the responsibilities of family life often still fall primarily on women, which makes it difficult for them to adequately prepare for their retirement. As a consequence they are more likely to rely on their partner or social security in old age. Overall, 54% of women indicate that their partner will be an extremely or very important source of financial support during retirement."

Marc van Weede adds: "Concerted action is required to address the gender divide in retirement incomes, and provide women everywhere with a stronger financial footing when entering retirement. Greater financial literacy is required as well as awareness around the challenges facing women, alongside efforts to create a retirement system which better recognizes the different aspects of women's lives."

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Retirement