Approximately forty-three out of every one hundred individuals are female.

Approximately forty-three out of every one hundred individuals are female.

In a recent survey conducted by Swiss Life Germany, it has been revealed that there is a significant retirement planning gap between female and male customers, with women receiving 46% less pension on average than men. This gender disparity is a result of a combination of labor market, societal, and structural factors.

According to the Organization for Economic Co-operation and Development (OECD), lower employment rates among older women, earlier labor market exit, career interruptions and part-time work, lower lifetime earnings, and caregiving responsibilities contribute to the retirement planning gap. Women in Germany are more likely to experience career breaks, often due to caregiving responsibilities, and to work part-time. These interruptions not only reduce immediate earnings but also have a compounding effect on retirement savings over time.

Despite the gap, the OECD's data on pension gaps between men and women is not reflected in the beliefs of the women surveyed by Swiss Life Germany. A majority of women surveyed believe that the pension gap between men and women is less than 40%, with a third estimating it to be at most 20%. However, the survey suggests that there is a disparity between the savings beliefs and actions of women and men, with many not saving enough for retirement despite believing they should.

Several initiatives and policy discussions are underway in Germany to mitigate these gender disparities in retirement planning. The gradual increase in the statutory retirement age to 67 years since 2012 has contributed to higher employment rates among older workers, including women, though the gap remains. Germany allows and encourages workers to continue working after drawing a pension, but uptake remains low. Proposed financial incentives, such as a €2,000 tax-free allowance for post-retirement work, could help both genders, but especially women, to prolong their working lives and accumulate more savings.

Broader OECD recommendations emphasize the need for policies that support lifelong learning, healthy workplaces, and inclusive employer practices to help older workers—especially women—stay employed longer. Closing the gender gap in hours worked could yield significant economic gains in countries like Germany, with more than one-third of potential GDP per capita growth coming from closing the gap for older workers.

The analysis of data from 1.5 million customers of Swiss Life's advisory companies shows a 13 percentage point gender gap in retirement planning, with 43% of customers who take out a retirement product being female and 56% being male. The average age of Swiss Life Germany's female customers when they took out a retirement product was 33.9 years in 2010, but it has decreased to 30.9 years currently, indicating more proactive planning. However, the survey by Swiss Life Germany did not provide data on the retirement savings of the 1% of customers who are not assigned a gender.

In conclusion, addressing the retirement planning gap between women and men in Germany requires not only financial incentives and flexible retirement options, but also broader social policies that support gender equity in employment and care responsibilities. The survey by Swiss Life Germany highlights the need for increased awareness among women regarding the significant gender pension gap and the importance of proactive retirement planning.

1. The significant retirement planning gap between female and male customers, as revealed by Swiss Life Germany's survey, highlights the need for increased awareness among women about the realities of women's health-and-wellness and retirement savings, especially in light of the 13 percentage point gender gap in retirement planning.
2. To mitigate the retirement planning gap, policies that support science-based health-and-wellness, such as lifelong learning and healthy workplaces, could help older women stay employed longer, thereby accumulating more retirement savings and closing the gap with men.
3. As women are more likely to experience career breaks and work part-time, resulting in lower lifetime earnings and fewer retirement savings, partnerships between insurance companies like Swiss Life, the finance sector, and business organizations could play a crucial role in developing initiatives aimed at improving women's health-and-wellness, career prospects, and retirement planning.

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