Maria Ceruti
26 June 2024 4 min read
Discover how tailored digital pensions bridge the retirement income gender gap & secure futures ! 

Ensuring sustainable and adequate retirement income for all remains a pressing global issue. The current pension gap, estimated at a staggering US$1 trillion annually, is projected to widen even further.[1] Demographic shifts are resulting in fewer workers to support a growing number of retirees, which intensifies the strain on pension systems. This necessitates increased individual savings for retirement, yet this is not happening as needed. According to Insurance Europe's third Pan-European Pension Survey, over a third of people in the EU are not saving for their retirement. 

Few numbers Pension

Source: 2023 GFIA Report “Global protection gaps and recommendations for bridging them”


The Gender Pension Gap: A Persistent Issue 

In Europe, women receive, on average, 29%[2]less in retirement income than men. This disparity is primarily due to shorter careers, fewer working hours, and lower wages. The survey by Insurance Europe highlights the persistent gender gap in pension protection: 

  • Nearly half of female respondents are not saving for their retirement. 
  • Women generally save less and anticipate a lower percentage of their final salary in retirement than men. 
  • 27% of women are "not confident at all" in maintaining a comfortable post-retirement standard of living, compared to 18% of men.[2]

Digital Inclusion  

A gendered issue 

A recent Eurostat survey highlights a significant digital divide in the European Union, particularly among older adults. While nearly 68% of men and women aged 25-54 use internet banking, only 46% of men and 39% of women aged 55-74 do the same. This means over 32% of women aged 25-54 and 61% of women aged 55-74 are not using internet banking.[3] Including those aged 75+ in the survey would likely reveal an even higher rate of digital financial exclusion, especially among older women. 

Younger women in Europe are now on par or even slightly ahead of men in using the internet for essential services. However, older women remain at a higher risk of digital exclusion than older men due to several factors: lower incomes, lower educational attainment, shorter careers, and employment in jobs that required minimal digital skills or where they faced gender discrimination in accessing digital skills training.[4]

The shift towards more occupational and personal insurance systems places greater responsibility on individuals, who can significantly enhance their decision-making with improved financial literacy. Digital inclusion becomes crucial, particularly for elderly women, who are essential but often overlooked investors.[5]

In response, retirement insurance bodies have committed to making digital offerings accessible and supporting policy holders in using online services.  


The pathway to improve the current pension system shortcomings is increasing awareness about the need for retirement savings and improving financial literacy. Pension plans should be consumer-centric, based on evidence of users' demands and needs, and subject to consumer testing. A one-size-fits-all approach to retirement savings falls short. Instead, a broad digital approach to pension information is recommended to ensure tailored solutions that cater to individual circumstances. 

In conclusion, addressing the gender pension gap and ensuring financial security in retirement requires a multifaceted approach. Enhancing digital inclusion, financial literacy, and personalized pension plans are essential steps towards bridging the gap and securing a sustainable future for all generations. For instance, BNP Paribas offers a free pension simulator (MonDemain) tailored to your individual circumstances to promote financial inclusion and help you plan your retirement. 

Gambit Personalized Pension Solution 

At Gambit we believe that your clients deserve more by providing tailored advice. People’s Retirement Savings Plan may not be the ultimate solution for your clients as preparing for retirement is a complex subject that necessitates a multifaced approach.  

Boost Your Advisors and Their Knowledge 
Empower your advisors with confidence and expertise on the various retirement solutions available. 

Personalized Retirement Diagnostics 
Elevate your financial guidance and provide tailored retirement insights for informed decisions. 

Customized Proposals 
Utilize sophisticated data analysis to create advice that resonates with clients. 

Comprehensive Client Needs Approach 
Move beyond mere product promotion and build trust through personalized support in a wide range of areas (taxation, inheritance, etc.). 

Become an Indispensable Actor in Your Clients' Retirement Planning 
Continuously monitor the progress of your clients' retirement preparation to proactively address their future concerns. 


Author: Maria Ceruti, Product Marketing Specialist at Gambit Financial Solutions. Maria has a background in ESG communication, and a master’s in political economy in which she dedicated particular focus to labor markets movements, including retirement, in the face of digitalization and automatization.  

Author has no conflict of interest to declare 



[1] 2023 GFIA Report “Global protection gaps and recommendations for bridging them" | Insurance Europe 

[2] 2023 Pan-European Pension Survey: Key Findings | Insurance Europe 

[3] Statistics Internet Use: Internet Banking | Eurostat 

[4] Claudia Mahler, Human rights of older women: The intersection between ageing and gender, Report of the Independent Expert on the enjoyment of all human rights by older persons, A/76/157

[5] Enescu, A. G., & Raileanu Szeles, M. (2024). Portfolio Allocation, Risk Aversion, and Digital Literacy Among the European Elderly. Economics, 18(1), 20220072