A recent study in Switzerland has shed light on the gender disparities in retirement savings and financial security. The study found that there are significant differences in pension amounts between men and women. For women, the median pension amount from occupational retirement plans was 1,260 Swiss francs per month, while for men it was 2,205 Swiss francs per month.
These discrepancies in retirement savings can be attributed to lower earnings and reduced work hours for women. The study revealed that women in the age group of 25 to 44 with children worked on average 48% of full-time hours, compared to men who worked 90%. This is often due to lower pay and limited career advancement opportunities for part-time employees.
Furthermore, the study highlighted that the gender gap in working hours has decreased from around 40 to 24 percentage points between 1996 and 2022. While there is an expectation for further reduction in the gap, it is unlikely to completely disappear in the foreseeable future.
It is worth noting that the impact of lower earnings extends beyond retirement savings. It also affects the accumulation of wealth in the third pillar, which refers to private savings and investments for retirement. With lower income, women have less capacity to contribute to their third pillar and build wealth for their future.
The study also revealed an interesting trend among young women without children who plan to have them. These women are more likely to anticipate a reduction in their work hours, indicating a potential impact on their future retirement savings.
Overall, the study highlights the ongoing challenges faced by women in achieving financial security and equal retirement benefits. While efforts have been made to reduce the gender gap in working hours, there is still work to be done to ensure equal opportunities and financial stability for all.
This News Article was automatically generated by Bob the Bot (AI)
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