Women and Retirement in a Post Covid-19 World

Women on average live longer than men and are more likely to live alone or be widowed. In spite of their greater needs, they are more likely to arrive at retirement without secure housing, to have saved less because of caring duties and lower wages, and thus to experience greatly restricted lifestyles in retirement. They are more likely to require expensive end of life care for longer than men on average and endure a lower quality of life. In all countries, recent developments in the labour market, exacerbated by the impacts of COVID-19, will affect both genders but will continue to be more pronounced for women and younger workers.
Post COVID-19, many women will struggle to restore their depleted savings and will continue to be more likely than men to be reliant on New Zealand Superannuation alone, and less likely to own their own homes. They are more likely to be affected by lower employment opportunities. Without adequate policy responses to the COVID-19 recession, older female poverty is likely to become much worse in the next decade.
This comparison of the gender pensions gap and its causes and consequences in New Zealand, Australia and Ireland reveals the strengths and weaknesses in their retirement policies and suggests possible improvements. Attention to pension policy design taking a gender perspective in all countries is critical.