On average, women not only receive fewer pensions, they also make fewer private provisions for old age. According to a study by the insurance company Swiss Life Germany, 56 percent of men have taken private provision, but only 43 percent of women.
On average, women not only receive fewer pensions, they also make fewer private provisions for old age. According to a study by the insurance company Swiss Life Germany, 56 percent of men have taken private provision, but only 43 percent of women.
The basis of the evaluation was the data of 1.5 million customers from 2010 to 2021. Apart from that, women also save lower amounts on average, as the German company of Schweizer Versicherung, based in Garching near Munich, announced on Wednesday. One percent of the clientele had given no gender.
According to a representative Yougov survey commissioned by the insurance company, a majority of both sexes are equally convinced that the state pension alone will not be enough to maintain the accustomed standard of living. A good 53 percent of women and 57 percent of men estimated their private pension needs at over 150 euros per month. But while, according to the survey, 36 percent of men actually save more than 150 euros a month, it is only 22 percent for women. Yougov interviewed 3,131 adults in April.
According to the data from the German Pension Insurance, the retirement income of women in 2019 was on average 46 percent lower than that of men, in addition to the state pension, this includes company and private pension schemes. However, according to the Swiss Life study, a great many women underestimate the gap between men and women in old age: According to this, 85 percent of the women surveyed put this difference at less than 40 percent, and almost a third of women at 20 percent at most. “Many women are not at all aware of how dramatic the gender pension gap will later affect old-age pensions,” said Jörg Arnold, the head of the Swiss insurance company in Germany.
The DGB demanded a solution from the next federal government to close the wage gap. “It is not surprising that women make less provision for old age privately: They have, on average, lower incomes than men,” said DGB board member Anja Piel. “Even if they are aware of the risk of poverty, many women in particular cannot save up for the gaps in their statutory pension privately because their income is simply too low.” The answer to the unanswered questions about old-age security could therefore not be private provision, because it exacerbated the inequalities.
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
