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Eve Read: Pension gender gap, how can we respond?

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This presentation was presented at the OECD's Conference on Business, Finance and Gender on 8 March 2017.

More information: http://oe.cd/wmn

Published in: Government & Nonprofit
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Eve Read: Pension gender gap, how can we respond?

  1. 1. © MERCER 2017 0 H E A L T H W E A L T H C A R E E R P E N S I O N G E N D E R G A P H O W C A N W E R E S P O N D ? Eve Read Head of Proposition, Mercer @eveyr #WhenWomenThrive @OECD_BizFin
  2. 2. © MERCER 2017 1 L I F E S T Y L E ATTITUDESAT T I T U D E SD E M O G R AP H I C • LOWER RETIREMENT AGE • CARING RESPONSIBILITIES • DIVORCE • FINANCIAL CONFIDENCE • INVESTMENT CHOICES • EARNINGS • GENDER PAY GAP • FLEXIBLE ROLES • ACCESS TO HIGHEST PAYING ROLES • GREATER LONGEVITY £ M O R E C O N S E R V AT I V E I N V E S T M E N T S D R I V E R S O F T H E P E N S I O N G A P L E S S W O R K E D H O U R S L O W E R C O N T R I B U T I O N S = PENSIONS GAP
  3. 3. © MERCER 2017 2 Source: Eurostat, EU-SILC, 2014 40% AV E R A G E G E N D E R P E N S I O N G AP I N T H E E U 0 – 10% 10 – 20% 20 – 30% 30 – 40% 40 – 50% % difference between male and female average pensions for persons aged 65-74 P E N S I O N G E N D E R G A P I N E U R O P E A N U N I O N C O U N T R I E S
  4. 4. © MERCER 2017 3 AGEING POPULATION JOB AUTOMATION LONGEVITY FINANCIAL WELLNESS PROGRAMMES FLEXIBLE WORKING F U T U R E T R E N D S T H AT W I L L I M PA C T T H E G A P
  5. 5. © MERCER 2017 4 EMPLOYERS SOCIETY • LOWER SAVINGS • WILL LIVE LONGER • RISK OF POVERTY • STATE ASSISTANCE • FINANCIAL WORRIES #1 CAUSE OF STRESS • 3 IN 10 WOMEN SAY MONEY WORRIES HAVE IMPACTED THEIR JOB1 PRODUCTIVITYGENDER DIVERSITY 1. CIPD, 2017 • COMPETITIVE ADVANTAGE • TALENT RETENTION • POSITIVE BOTTOM LINE IMPACT W H Y W E S H O U L D C A R E
  6. 6. © MERCER 2017 5 PAY EQUALITY INCREASE PENSION CONTRIBUTIONS FLEXIBLE WORK SUPPORTIVE ENVIRONMENT DEFAULT FUND EDUCATION COMMUNICATION L E S S H O U R S W O R K E D L O W E R C O N T R I B U T I O N S £ M O R E C O N S E R V A T I V E I N V E S T M E N T S POLICYMAKERS EMPLOYERS INDIVIDUALS GENDER EQUALITY IN CARING DUTIES PUBLIC DISCOURSE PAY AND GENDER EQUITY REPORTING STAND UP FOR EQUALITY (MEN AND WOMEN) UNDERSTAND CONSEQUENCES OF CAREER BREAKS UNDERSTAND YOUR TRUE RISK PROFILE W H AT C A N B E D O N E ?
  7. 7. © MERCER 2017 6 TA R G E T E D C O M M U N I C AT I O N E X A M P L E
  8. 8. © MERCER 2017 7 CLIENT 1 – 750 SCHEME MEMBERS FEMALES WERE: • 15% more likely to watch the video to the end • 30% more likely to click to increase their pension contributions CLIENT 2 – 310 SCHEME MEMBERS FEMALES WERE: • 44% more likely to watch the video to the end • 23% more likely to click to increase their pension contributions TA R G E T E D C O M M U N I C AT I O N F I N D I N G S
  9. 9. © MERCER 2017 8 THE GENDER PENSION GAP IS REAL AND IS AFFECTING INDIVIDUALS, SOCIETIES AND COMPANIES THE SOLUTION REQUIRES COORDINATED ACTION FROM ALL PARTIES – THE TIME TO ACT IS NOW K E Y TA K E AWAY S
  10. 10. © MERCER 2017 9 THANK YOU Be part of the conversation @eveyr #WhenWomenThrive @OECD_BizFin

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