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Gender pay gap affects retirement

The average 50-year-old man earns nearly 60% more than the average 50-year-old woman, with an £11,000 earnings gender gap hitting women’s retirement saving, new research conducted for MetLife shows.

Its study of the finances of 50-year-olds has revealed that their average salary is £24,500, but men earn an average of £30,000 compared to just £19,000 for women.

Just 44% of women aged 50 work full-time compared with 71% of men, the research shows. This hits retirement saving with a third of women relying on their partner’s pension. Just 22% of women stated they were the main income earner.

MetLife’s research also found that 12% of 50-year-olds are unable to work due to disability or illness, and 7% are unemployed and looking for work, while 2% are not looking for work. One in six men say their partner is the main earner.

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