Pensions: 5 tips to reduce the gender pension gap

As part of the “Women's Equality Day”, which is reminiscent of the gender equality of gender, which was adopted in 1920 in the USA every year on August 26, the platform for investment, as is the case with equality and financial independence in retirement provision.

To do this hasSavingAs part of a study of 2021, more than 2,000 people, including 1,050 women, asked about the YouGov survey institute.* Financial expert Dr. Verena Thaler also gives five realistic tips on how women can close the pension gap.

Gender Pension GAP means the gender -specific pension gap and thus describes the relative difference in the old -age security income of women and men. According to the European statistics authorityEurostatWomen received more than 36 percent less pension in Germany in 2019 than men. Why? Quite simply: If you earn less, if at all, often only smaller amounts for saving, investing or providing provision.

Because women traditionally manage care work for households, children or relatives in need of care, they work more often than men and do without part of their salary. And this affects the pension references in old age in the long term. According to theFederal Statistical OfficeWomen work almost five times more often than men.

So for women it is all the more important to start saving for the retirement as early as possible. However, this has not yet arrived in a large extent: 56 percent of German citizens do not provide privately.

For many, the reasons for this are too low: almost half (48 percent) of all study participants who do not provide for age simply has no money left for it. Another 22 percent of women who do not provide are convinced that their statutory pension will be sufficient in old age.

Seven percent have no trust in private pension offers. Six percent of those without additional retirement provision rely on their spouse and another two percent on an inheritance that covers their financial needs in old age.

“Age poverty is a real danger for many women in Germany. In order to reduce the gender pension GAP, more gender equality is required for the statutory pension. Professional breaks for childcare and the care of relatives should be more respected and taken into account in the pension calculation. But I also appeal to all women: the statutory pension is not enough, women have to become active themselves to be financially secured in old age. Financial knowledge is the key to pension and wealth formation - for women and men ”,According to Weltsparen-Finanz expert Dr. Verena Thaler.

1. Negotiates your salary

A higher income is the key to better retirement provision. In order to achieve the next level on the salary staircase, you should show the use and performance, but also prove courage and self -confidence. Means: Take the next leaflet yourself in hand by comparing your salaries in the industry and, if the benefits, claim a salary increase from your employer, which you can understand.

2. Pay attention to equality when working

Share is the right keyword also when it comes to childcare, household and Co. Offer your career goals and ambitions openly with your partner and share the care work on an equal footing and fair. This not only benefits your income and thus your later pension, but also living together as a family and the household budget.

3. Use savings potential in everyday life

Many unconscious cost eaters keep us from putting money aside regularly. It can always help to check and negotiate contracts, to question small habits such as coffee-to-go and spend even conscious money in order to work on your own savings goals.

4. Start Klein

Every beginning is difficult, but often smaller amounts are enough to start assets. From a savings plan, which you get with 50 euros per month, a decent sum grows over several years. It is important that the compound interest effect is being exploited, especially for long investment periods.

5. Use your tax savings

Primote and save taxes? This makes it possible, for example, the state-funded ETF-based Rürup pension from Raisin Pension. Contributions that savers pay for this monthly can be used for mostly as special expenses at the tax office. Income from the Rürup pension are taxable in old age, but the personal tax rate is usually lower.