Some of The World’s Biggest Pension Systems Are Failing Women

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(Bloomberg) — Even before Covid-19 shuttered economies across the world, many women faced retiring with less savings than men. Now, that gap is set to widen further in some of the world’s biggest pension systems.

Women already typically earn less than men and take more time out from the workforce to have children, resulting in diminished pension pots. And as coronavirus lockdowns smash industries such as air travel, tourism, retail and hospitality, they face a disproportionate risk of losing their jobs, according to the Organisation for Economic Cooperation and Development.

The policy response to the pandemic also risks exacerbating the problem. Some countries, including Australia, the U.S., Spain, Denmark and Canada are allowing people early access to their retirement funds to weather the crisis, raising concerns that women — who tend to live longer than men — are further depleting their savings.

“There is some indication that women could be

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