The gender wage gap is now acknowledged as a business and societal challenge globally.
However, the gender gap in retirement savings is still relatively underestimated.
Compared to men, women are at greater risk of retiring into poverty, because they tend to have longer life expectancies, less paid work due to unequal sharing of care responsibilities, and lower average wages. This is a particularly pronounced risk in Asia, the fastest-aging region in the world.
Marsh and McLennan Insights studied this issue in collaboration with the Tsao Foundation’s International Longevity Centre Singapore. To better understand the drivers of the gender retirement savings gap as well as the current status of low-income women’s financial conditions, we conducted two surveys to collect data and inputs from low-income women, and from HR professionals from various companies.
The report highlights the issue of gender retirement savings gap among low-income workers in Asia by modeling the lifetime savings of low-income workers in selected countries. We answer the following questions:
What is the size of the gender retirement savings gap in different markets and for women of different working lives?
What are the key drivers for the gender retirement savings gap for low-income working women?
What can different stakeholders do to narrow the gender retirement savings gap?
As closing the gender retirement savings gap requires a massive multi-stakeholder effort, the report provides practical recommendations for each of the main stakeholder – including employers, policymakers and individuals and society – to work together and solve this pressing global problem.
