Women’s trust in pensions falters as pay and participation gaps persist

Trust deficit reveals deeper gender inequalities

Women are significantly less likely than men to trust the pensions system or believe it will provide them with a comfortable retirement, according to new data from Trafalgar House.

The pensions administrator’s fifth annual Trust & Confidence Index finds that just 33.5% of women rated their trust in pensions at 6 or above on a 0-10 scale, compared with 43.1% of men. Fewer than one in five women (18.9%) said they felt their pension would support a comfortable retirement, versus 34.1% of men.

The data also highlights a significant gap in pension provision. More than a quarter of women (26.5%) said they did not have a pension provider, compared with 19.5% of men.

Daniel Taylor, client director at Trafalgar House, said the findings should prompt urgent reflection from the industry. “Our research clearly shows men tend to be more trusting and optimistic generally about pensions… In contrast, women are more likely to express doubt, distrust, or concern about their financial futures.”

He added: “The stats raise lots of important questions. Are women less trusting, or simply more realistic, especially considering the challenges they face across their working lives? Lower pay, career breaks for family, and financial vulnerability after divorce all contribute to long-term pension inequality.”

Gender pay gap fuels long-term pension insecurity

The results follow recent data from Standard Life’s Counting on Experience report, which confirms the stark and persistent gender pay gaps across all major industrial sectors and the impact this has on pension savings over a lifetime.

According to the report, women earn 14% less than men at age 20–29, rising to a 43% gap by age 60 and above. In financial services, the pay gap peaks at 48% for women aged 50–59. Financial services has a particularly large gender pay gap, peaking at age 50-59 when women on average earn 48% less than men.

These disparities in pay are reflected in pension access and adequacy. While participation in defined contribution schemes is generally high in growth sectors, 24% of workers in the creative industries and 20% nationally are not members of any pension scheme. Sectors with higher rates of self-employment, part-time work and career fragmentation, where women are over-represented, are especially affected.

Standard Life’s report warns that the cumulative impact of these structural inequalities cannot be ignored: “This has an important impact on women’s ability to save and their financial security in retirement.”

Taylor said the industry must respond with more inclusive design. “Whatever the reason [for distrust], the message is clear: the pensions industry must do more to understand and address gender-specific concerns. Communications must be clearer, support must be more inclusive, and services must meet the needs of all savers, not just some.”

The Trafalgar House survey was conducted in early 2025, with responses from more than 2,000 UK adults.