Women over 55 will receive nearly £6,000 less in pension income annually than men while spending £1,200 more than their expected pension income each year in retirement. More than two in five women plan to work part-time to fund their retirement. The new figures have been published by behavioural finance firm Oxford Risk. They suggest men expect to receive £23,700 annually from their pensions on average, while women anticipate an annual pension income of just £18,000 - a £5,700 difference. Despite planning to spend £3,500 less than men, women still face a shortfall of £1,200 per year, while men expect a surplus of £1,000. The research also highlighted that more than a third - 36% - of women over 55 are unsure how much they might receive from their pension each year, compared to just 20% of men. On top of their pensions, men over 55 have £209,000 saved in cash and other investments on average, compared to £128,000 for women. Oxford Risk’s research also identified distinct approaches to funding retirement. Women are more likely to consider part-time work (41%) and property income (21%) than men (30% and 18%, respectively). Men, however, are more likely to rely on self-invested personal pensions (25% compared to 16% of women) and investment portfolios (23% compared to 10%). Finally, nearly half of women (50%) and 53% of men rely on cash surpluses to fund their retirement, according to the survey. How men and women aged 55-plus plan to fund their retirement Men Women State pension 82% 80% Cash savings 53% 50% Defined Contribution Pension 43% 42% Part-time work 30% 41% Defined Benefit Pension 39% 34% Property 18% 21% Self-invested personal pension 25% 16% Investment portfolio 23% 10% Source: Oxford Risk Dr Greg B Davies, head of behavioural finance at Oxford Risk, said: “Despite planning to spend less, many women face substantial financial gaps, with lower savings and less certainty about their retirement income. Advisers and wealth managers have a vital role in bridging these gaps by helping individuals optimise their retirement strategies.” Founded in 2002 by decision science academics from Oxford University, Oxford Risk is a behavioural finance and financial well-being technology firm. Research conducted by independent research company Viewsbank among 1,011 UK adults aged 55-plus between April 19 and 22 2024