Less than half of working women have a private or occupational pension according to the Minister for Social and Family Affairs Ms Mary Coughlan, who launched a campaign this morning aimed at encouraging women to start saving for their retirement.
So far only 44 per cent of women are contributing to a pension compared to 55 per cent of men, according to Ms Coughlan who has earmarked €500,000 to raise pension awareness this year.
By relying solely on a Government-paid pension, the Pensions Board warns many women risk suffering a drop in their post-retirement standard of living.
Speaking on RTÉ's Morning Ireland today, the Pensions Board's CEO, Ms Anne Maher said: "It's a very stark message. Social welfare pension is very good for avoiding poverty but if you want anything more than that than you have to start to contribute and there are tax reliefs available in doing that."
She said the services area, which attracts more female workers than men, is particularly effected by the shortfall in pension contributions.
She stressed that women are in greater need of a private or occupational pension as, once they reach 65, they can expect to live for an extra 22 years, four years longer than a man who reaches the same age.
She stressed that women are in greater need of a private or occupational pension as, once they reach 65, they can expect to live for an extra 22 years, four years longer than a man who reaches the same age.
"Women have a longer period in retirement and if they want to enjoy that then they will have to contribute," she said.
The Government will target the largest women's gathering - this year's mini-marathon - to emphasis the importance of pension contributions by distributing 40,000 copies of its Women and Pensionsbooklets, which outline how to start saving for retirement.
The guide was launched today by international runner Ms Catherina McKiernan.
Ms Couhglan described the launch of the booklet as the first major initiative in this area and said the Government will be working extremely hard in the coming years to boost the numbers of workers contributing to private or occupational pensions.