Women retire on less money

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NORTH East women retiring this year can expect their annual income to be a fifth lower than the region’s men.

There is an average difference of £2,932, new research from Prudential shows.

The retirement gender gap in the North East is among the narrowest in the country, with men on £18,075 and women £15,143.

Prudential’s Class of 2012 study into the finances and expectations of those planning to retire this year, found that nationally, the average woman expects £12,250 in retirement.

The average expected income of £18,000 for men adds up to a gender gap of £5,750.

The study shows that the national gender gap has fallen from last year’s £6,500 and has narrowed steadily since Prudential first measured a gap of £6,642 in 2009.

Vince Smith-Hughes, Prudential’s retirement income expert, said: “The pension gender gap appears to be narrowing, but there is still a long way to go.

“Not only does the gap remain stubbornly wide, but anticipated retirement incomes have this year hit a five-year low for men and women.”