28 October 2025
New data show just over half of female retirees are satisfied with their retirement income, compared to seven in 10 men
New research from Quilter, the wealth manager and financial adviser, reveals just over half of female retirees say they are satisfied with their retirement income, compared to nearly seven in 10 men.
The findings from the wealth manager’s inaugural Retirement Lifestyle Report highlight the persistent gender gap in retirement income satisfaction, state pension reliance and financial resilience, underscoring the greater financial pressure faced by women in retirement.
Based on a survey of over 5,000 UK retirees, the report show that just 57% of women are satisfied with their household income in retirement, compared with 68% of men. This discrepancy persists regardless of relationship status, with 72% of married men reporting satisfaction, versus only 63% of married women.
Women also rely more heavily on the state pension, which accounts for 32% of their income on average, compared with 27% for men. Among widows, reliance rises to 44% - ten percentage points higher than for widowers.
Women were also more likely to fear financial insecurity and be concerned about rising costs and inflation, with 46% saying the high cost of essentials makes them fearful for their ability to maintain current living standards, compared with 37% of men.
These discrepancies reveal the knock-on effect of gender gaps in pay and pensions. The most recent gender pay gap figures from the Office for National Statistics show that among all employees, women in the UK earn 13.1% less than men on average. And, given they are more likely to take time out of the workforce to grow their families, lower overall pension savings contribute to a gender pension gap of around 48% for those aged 55–59 according to the Department for Work and Pensions, equating to a difference worth tens of thousands of pounds of lost pension wealth.
Quilter’s research also shows that financial advice is the strongest predictor of income satisfaction in retirement. Among those currently receiving advice, 84% are satisfied with their income, compared with just 41% of those who have never been advised. However, women are six percentage points less likely than men to have received financial advice, which is suggestive of a potential gender advice gap that would only serve to worsen the issue.
Kirsty Anderson, retirement specialist at Quilter, commented:
“We are all familiar with the gender pay gap suffered by working women, but it is crucial to recognise that this inequality doesn’t end at retirement – it deepens. Our data underline that the financial disadvantages women face during their working lives translates into poorer retirement outcomes and lower satisfaction.
“Women typically live longer and are therefore expected to make their retirement income stretch further. The compounding effect of lower pay, career breaks and reduced pension contributions leave many women more reliant on state support in later life.
“This also highlights the importance of couples discussing their financial affairs and ensuring both partners have access to accounts and plans. While these conversations can be difficult, they are essential – especially if one partner has lower income than the other. Seeking professional financial advice, or support from services such as MoneyHelper, can help couples put the right protection in place, ensuring peace of mind and financial security for the surviving partner.
“Having a valid, up to date will is also vital, particularly for couples who are not married or in a civil partnership, as assets won’t automatically transfer. Similarly, setting up a lasting power of attorney (LPA) ensures that your wishes will still be carried out should you lose the capacity to do so yourself.
“Professional financial advice can be a powerful leveller. Our research shows that people enjoy better financial outcomes if they receive financial advice. While it is not realistic to expect everyone retiring, or in retirement, to receive financial advice due to financial or other barriers, we maintain that receiving some sort of guidance is extremely important and should be available to everyone. The FCA’s proposal for a targeted support regime should help people to make informed decisions about their finances, resulting in better outcomes for more individuals.”
