Recent research has shown that men have £599 billion more in their ISAs, investment accounts and private pensions than women. This staggering figure equates to the Gross Domestic Product (GDP) of Switzerland.
Other research by the consumer money website, Boring Money, found that 3.3 million fewer women hold investments in the UK compared with men – the equivalent of three times the population of Birmingham.
A key driver of the gender investment gap is pension provision, with the average private pension standing at £99,000 for women and £138,000 for men.
Boring Money found that financial institutions are failing to address the life events which present money challenges for women, including motherhood, single parenting, serious illness, ageing parents and empty nesting. The site has launched a new service called Visible! aimed at women in their 40s, 50s and early-60s to help grow their engagement with investments and pensions. The site can be reached at https://www.boringmoney.co.uk/visible/welcome/
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