Pension gap sees women face being £70k worse off - '7 years' worth of full state pension'

Responding to the research and analysis, UK equity release adviser Key shared its own research on the gender gap when it comes to equity release.

They also addressed how much the £70,000 equates to when it comes to other payments – specifically the current full new state pension.

Will Hale, CEO of Key, said: “Lower salaries, more part-time or gig employment and the need to often juggle the responsibility of caring for children or older family members while working mean that many women face retirement with far less resources than their male counterparts.

“Indeed, the Nest data suggests that the price tag for this could be up to £70,000 or over seven years’ worth of full state pension payments.

“With smaller pension pots to call on, it is even more vital that women consider all their assets when they retire as property wealth can make a major contribution to their income.