The average 50-year-old man earns almost 60% more than the average 50-year-old woman, with an £11,000 gap between the genders, according to MetLife.
The firm’s research into the finances of 50-year-olds reveals their average salary is £24,500 but men earn an average of £30,000 compared to £19,000 for women.
Only 44% of women aged 50 work full-time compared with 71% of men, the research shows.
This affects retirement saving with a third of women relying on their partner’s pension. Just 22% of women stated they were the main income earner, according to the research.
However, on average 50-year-olds feel they would need an annual income of £38,600 to feel secure and just one in three 50-year-olds believe their earning power has not peaked yet as they enter the crucial period for retirement income planning.
MetLife is highlighting the financial pressures faced by the what is has dubbed the ‘Uncertain Generation‘ – those born between 1961 and 1981.
It has launched an online calculator at www.financialfitnessatfifty.co.uk to help people understand when they can afford to retire and how they compare against other 50-year-olds.
“The average 50-year-old may feel they are a long way from retirement but they are unfortunately also a long way from feeling financially secure and just one in three are optimistic about their earning power,” said Dominic Grinstead, managing director of MetLife UK.
“We understand that those in the Uncertain Generation have to make major decisions about their and their families’ future at a time of great financial uncertainty and economic volatility.
“That is why we are encouraging them to seek advice now to help them plan for and achieve as much certainty as possible about their financial future.”
