Pension: Boris Johnson urged to act as women of all ages face ‘motherhood penalty’
Women are facing the gender pension gap, a widespread issue which means many are left with a sub-standard pension pot which drastically impacts their later life. The under-funding issue has led some experts to suggest Government intervention is necessary. Express.co.uk spoke to Maike Currie, Investment Director at Fidelity International about the matter.
“But the main contributing factor by far is the different working patterns between men and women – the fact women take time away from work.
“Women take career breaks often to raise a family, which is referred to as the ‘motherhood penalty’ because of the kind of impact this can have on your finances and long-term savings.
“But women can also take breaks when it comes to looking after sick or elderly relatives.”
The idea of a significant load for women to bear in this sense has only been exacerbated by the COVID-19 crisis.
Women have been required to potentially take on additional responsibilities, with their working and indeed pension plans often taking a back seat.
