Accelerating action is this year's theme for International Women's Day (IWD), after analysis from the World Economic Forum suggested that, at the current rate of progress, it will take until 2158 - which is roughly five generations from now - to reach full gender parity.

Similar concerning statistics are also seen specifically in relation to pensions, as Scottish Widows latest Women and Retirement Report showed that the gender pensions gap will take at least 20 years to close unless "decisive" action is taken, as the gender pensions gap remains at a "stubborn" 30 per cent.

Meanwhile, analysis from Almond Financial suggested it could take as long as 90 years to close the gender pensions gap.

According to the IWD campaign, focusing on the need to accelerate action emphasises the importance of taking swift and decisive steps to achieve gender equality, with calls for increased momentum and urgency in addressing the systemic barriers and biases that women face, both in personal and professional spheres.

And the pensions gender gap is one area where accelerated efforts are clearly needed, as recent research shared to coincide with IWD showed that less than a fifth (11 per cent) of women feel very confident about their retirement savings, compared to 25 per cent of men.

In addition to this, My Pension Expert’s latest research found that 45 per cent of women expect to still be working in their 70s, compared to 38 per cent of men.

Many also believe that retirement feels out of reach, as 32 per cent of women do not believe they can enjoy a comfortable retirement based on their current pension savings, nearly double the 17 per cent of men who feel the same.

"The financial pressures are mounting, and without urgent intervention, the gap will only widen," My Pension Expert policy director, Lily Megson, said.

But if anything, efforts to address the pensions gender gap are feeling slower, more distracted, and at times even performative, with issues such as productive finance and UK investment now receiving an influx of focus, diverting attention away from the broader adequacy issues that had been at the forefront of industry calls for change until recently.

Even the industry output in this area seems to be slowing. At Pensions Age we would often have an influx of press releases and research shared amid IWD to highlight the issues that continue to surround women's pension saving habits and the need for women to save more to ensure they are properly prepared for retirement.

But this year I've seen much less engagement from the industry with IWD, and far from accelerating action, many organisations seem to have been so fatigued by the groundhog day feeling that they may be disconnecting from IWD efforts altogether.

And I am not alone in this frustration, as Megson admits that having the same conversation year-on-year is "exhausting and, quite frankly, not good enough".

"This is not just about individual choices; it is a structural problem. Women still face lower lifetime earnings, career breaks, different working patterns, and workplace pension schemes that were not designed with their financial journeys in mind," she continued.

Changes are being made, but they are not urgent, or focused enough, with other political issues often sidetracking key developments.

One key example is the government's own gender pension gap reporting. Published for the first time in 2023, this was hailed as a “vital first step" in tackling pension inequalities, with many suggesting that the report will not only put the issue "firmly" on the government's agenda and provide an official measurement of the gender pensions gap, but also provide some level of accountability.

Indeed, then-Pensions Minister, Laura Trott, suggested that having an annual measure would help to track the collective efforts of government, industry and employers to close the gender pensions gap and ensure women can look forward to the retirements they’ve worked so hard for.

But last year's (2024) analysis, which would have only been the second iteration of the report, was never published. There are understandable reasons for this, with the summer snap election placing all political initiatives and policies into limbo, let alone normal report timelines.

There is hope ahead though as, when asked by Pensions Age, the Department for Work and Pensions (DWP) confirmed that it will look to continue to track the collective efforts of government, industry and employers to tackle this issue through its gender pension gap reporting.

A government spokesperson said: “We are committed to closing the gender pension gap for good – building on the success of automatic enrolment, which has brought millions of women into pension saving for the first time.

“Our landmark pensions review will explore options to ensure under-pensioned groups have the dignity and security they deserve in retirement – and we will also continue to track the collective efforts of government, industry and employers to tackle this issue through our gender pension gap reporting.”

Broader action will be needed to address the causes behind the gender pensions gap though, as Megson says that long-term policy changes such as lowering the earnings threshold for auto-enrolment and improving childcare support are needed, as well as efforts to ensure women are able to take control of their financial future.

"But while these systemic changes will take time, there are more immediate steps that can and must be taken to help women secure their financial future," she added, suggesting that one of the most effective ways to level the playing field is by improving access to financial education and independent advice.

She continued: "Currently, 71 per cent of women wish they had been taught about pensions earlier in their careers, and 35 per cent want their employer to provide access to independent financial advisers. This is a gap that can and should be bridged.

"The government, employers, and financial services sector must work together and take greater responsibility by ensuring all have access to affordable and accessible independent financial advice. This means employer-backed financial wellbeing schemes, policy incentives that encourage pension engagement, and ensuring advice services are clearly communicated and easy to engage with."

This is echoed by Phoenix Insights director, Catherine Foot, who said that "addressing the gender pension gap means thinking about how women are supported at every stage of their working lives, encouraging employers to go above and beyond the minimum levels of support".

"This should include integrating greater workplace flexibility around caring commitments or a significant life event and expanding the accessibility of workplace pension saving, as women are much more likely than men to fall under the minimum auto-enrolment earnings threshold," she stated.

“Achieving an adequate retirement income should be a possibility for all, and meaningful progress to address the gender pension gap is fundamental to reaching this goal.”

But as our recent Pensions Age blog explored, it is not only what gets measured that gets managed, as funding is an ever-important consideration for organisations - and whilst pensions engagement is crucial work, it can also prove expensive work.

That's why for 2025, IWD made a call-to-action for all IWD events to incorporate an element of women-focused fundraising, as it aimed to make 8 March one of the biggest giving days of the year.

And individuals too can take steps in their daily lives to positively impact women's advancement - whether in relation to the gender pensions gap or more broadly.
They can call out stereotypes, challenge discrimination, question bias, and celebrate women's success, not just in March but throughout the year.

There is so much more to be done, so let's stop talking about it and get on with it.

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