Michelle passes to Scottish Widows to present: • Structural inequalities in pay mean that women are still lagging behind men in their retirement preparations: o 72% part time workers are women o 33% is the average amount women tend to earn less of during their working lives o £10,200 is the average annual difference in median wage between men and women in all jobs o The average man aged 64-74 had over £250,000 of pension assets, compared to less than £150,000 for women • Impact of cost of living on savings and spending o 42% of women are very concerned about making ends meet o 38% of women would cut back on essentials, cut savings, take on debt or sell assets o 50% of women are concerned with running out of money in retirement • Retirement and the cost of living o 16% of women have said they are cutting back on retirement savings o £3,000 reduction in total pension pot value at retirement for women aged 40 today o £62,000 reduction in retirement savings by the time they retire • Ethnic Minorities are more likely to cut their retirement savings in response to the cost of living crisis – story of Anu, a black south African woman – concept of retirement is bizarre to her, any free cash she has she sends to her parents – we need to make sure when talking about pension provision, all cultures are included o White British 10% female vs 11% male o All ethnic minorities 13% female vs 19% male o Indian 16% female vs 20% male o Black 12% vs 18% • Impact on single mothers o 55% concerned about rising cost of living crisis o 28% have cut back on essentials o 72% are worried about running out of money in retirement • Conclusion o The cost of living crisis is having a disproportionately worse effect on women than society at large o These pressures risk worsening the existing gender gaps in financial situation and retirement preparations o there are noticeable differences in the approach to preparing for retirement Michelle thanks Alison and Jill and hands over to Brenda for her presentation: • Brenda Santimano Chief Executive Officer at Holistic Financial Leadership and also pensions specialist.