We’ve all heard about the gender pay gap. But did you know about the confidence gap when it comes to women and pensions?
PensionBee research shows that just 24% of women feel in control of their pensions, compared to 37% of men. Almost a quarter of women (23%) say they feel they have “very little control” over their retirement prospects, compared to 16% of men.
When it comes to pensions, women are far more likely than men to feel powerless about their retirement savings. And this lack of confidence matters.
Why pension confidence matters
Feeling in control of your finances isn’t just about peace of mind. It can boost wellbeing, self-esteem, and even overall happiness. People who feel in control are more likely to:
check their pension regularly;
make extra contributions; and
consider investing for long-term growth.
By contrast, feeling powerless can fuel stress and worry. It often causes disengagement. People may avoid paying into pensions or delay decisions. Over time, that can mean smaller pots and greater insecurity in retirement.
Confidence doesn’t appear overnight - it builds as you take steady steps forward. Each time you learn more about your money and make choices that suit you, your sense of control grows stronger.
Why confidence is lower for women
There isn’t one single reason. Women’s lower confidence reflects both practical realities and how pensions feel to manage.
Career breaks - women are still more likely to pause work for childcare or caregiving.
Part-time work - many people reduce their hours because of caregiving. This results in lower or no pension contributions.
Pay inequality - the gender pay gap means less going into pensions from the start.
Investment hesitation - 10% of women say they don’t make investment decisions, compared to 3% of men.
Financial education and messaging - for years, financial products and services mainly targeted men. This has made many women feel excluded or underserved.
All of these factors reduce contributions, slow momentum, and make pensions feel “out of reach”.
Confidence also shows up in how women view their progress. When asked about retirement goals, 42% of men said they felt closer to achieving them, compared to only 33% of women.
Lisa Picardo, PensionBee’s Chief Business Officer UK says: “The stubborn gender pension gap isn’t just a product of the gender pay gap. It’s compounded over decades as women take more career breaks, work part-time, and bear disproportionate caregiving responsibilities.”
How women can feel more in control
Confidence can grow through small, practical steps. Here are some to consider.
Check your State Pension forecast
See how much you’re on track to receive and highlight any gaps in your National Insurance (NI) record. You can use the government’s State Pension forecast tool. Filling gaps with voluntary contributions can increase your retirement income.
Claim Child Benefit for NI credits
You may not get Child Benefit payments, but claiming still gives you NI credits for your State Pension – a vital safeguard for stay-at-home parents. Read our article on why parents should make a Child Benefit claim.
Consolidate old pensions
Many people lose track of pensions when changing jobs. Combining them into one plan can make it easier to see what you’ve got and plan ahead. You can learn how in our guide to finding a lost pension.
Consider Marriage Allowance
If you’re married and have a lower income, you may be able to transfer part of your allowance to your partner. This could free up money for pension contributions. Visit GOV.UK to find out more.
Start or top up a personal pension
Anyone can open a personal or private pension and most will benefit from a 25% government tax top up. This is known as tax relief. Usually basic rate taxpayers get a 25% tax top up; meaning HMRC adds £25 for every £100 you pay into your pension making it £125. Try our Pension Tax Relief Calculator to see how much could be added to your savings.
You don’t need to tackle everything at once - setting aside a regular time each week or month to review your pension and wider finances can make things feel more manageable, and stop it from becoming overwhelming.
Looking ahead
Optimism also varies by age and income. While 60% of 25–34 year olds said they feel closer to their savings goals, that figure drops sharply for people in their 40s and 50s. Those earning under £15,000 were also much more likely to feel “no control at all” over retirement planning.
But control doesn’t come from income alone. What makes the difference is having a plan and taking steady steps forward. People who set goals, track their pension savings, and make regular contributions often feel more confident - whatever their salary. And that sense of control can boost overall wellbeing, not just financial security.
As working patterns evolve, reforms such as extending Auto-Enrolment to lower earners and the self-employed will be essential. But until then, practical action today can help women feel more in control of their pensions and more positive about the future.
Risk warning
As always with investments, your capital is at risk. The value of your investment can go down as well as up, and you may get back less than you invest. This information should not be regarded as financial advice.
