Millennial women’s savings pots are currently £36k – on average – smaller than millennial men’s, leaving them significantly behind before retirement even begins. Moneybox reveals confidence and fear of getting it wrong are holding many back. Taking actions sooner coupled with the power of compound interest could significantly reduce the shortfall later in life.
New research from Moneybox reveals millennial women (women aged 30-45) across Britain have an average of £49,608 saved toward retirement, some £36k less than millennial men. Millennial men who are 72% better off have £85,529 saved. But this number could reach as much as £463,644 by the time they reach state retirement age.
And this trend is sadly starting early, as figures also suggest this is the same for Gen Z women (women aged 14-29) who have currently saved £28,854 compared to Gen Z men who have saved £59,774 – £31k more. This could mean Gen Z women have at least £1,691,395 less than Gen Z men by the time they reach state retirement age.
The research suggests that alongside pay, fear could be playing a role in the pensions gap. It highlights the complex emotional load that many women carry when it comes to money and lays bare the compoundingThe return you earn on top of your investment gains by reinvesting your profits instead of withdrawing them. effect these limiting beliefs can have on financial outcomes if left unchecked.
This comes as women are far more likely than men to feel anxious (31% vs 18%), uncertain (23% vs 16%), and overwhelmed (20% vs 15%) when it comes to long-term finances – emotions that can discourage engagement and delay key financial decisions.
Almost two in five (37%) women say they are not confident in managing or achieving long-term financial goals such as retiring early or comfortably. Well over a quarter (29%) say they don’t feel in control of their financial future.
This lack of confidence is shaping behaviour. Close to three in ten (28%) millennial women avoid financial risk altogether, potentially missing out on long-term growth, while just one in six (17%) recognise that losses are a normal part of building wealth. While caution may feel safer, steering clear of risk entirely can make it harder to achieve long-term financial goals, particularly when investing for retirement. Over time, this confidence gap risks widening the gender wealth and pension divide.
As a result, many women feel constrained in their life choices. A fifth (22%) of millennial women say fears about financial security make them feel less free to make decisions about their future.
Brian Byrnes, Director of Personal Finance at Moneybox, says: “This isn’t a capability gap – it’s a confidence gap. Many women are doing the right things, but fear of making the wrong decision or losing money stops them from engaging fully with their finances. Over time, doing nothing can be far more damaging than making small, informed moves.
“The biggest shift women can make isn’t taking huge risks, it’s building confidence to start, ask questions and stay engaged. Overcoming fear is often the first and most important step towards a more secure retirement. And through our expert led, AI powered Aurora engine, we can now help people feel less overwhelmed, make informed choices and plan for the future with greater confidence.
“Encouraging smart financial decisions shouldn’t be about pressure, but small, manageable steps that build confidence and a sense of control.”
Clare Seal, financial coach said:
“Perfectionism paralysis is real and damaging. We’ve been socially conditioned to believe that with money, ‘safe’ is better than ‘sorry,’ which leads to a deep-seated fear of the stock marketThe global network of stock exchanges that lets investors buy and sell shares in publicly listed companies. due to its natural ebb and flow.
“In my coaching, I see that women worry about making a mistake, which in the long run can be even more costly than sensible and responsible investing. To close this confidence gap, we have to help redefine risk—not as a danger to be avoided, but as a necessary tool for growth. Moving from a mindset of protection to one of participation is what ultimately transforms financial anxiety into wealth.
But also coming to terms with any mistakes and forgiving yourself for them is such an important step in shifting your money mindset away from anxiety and towards confidence – but it’s often one that is missed. In fact, I think people are sometimes afraid to forgive themselves or offer themselves compassion for fear of ‘letting themselves off the hook’ and falling back into old patterns of behaviour. But really, the opposite is true – you can’t truly move forward if you’re still angry with yourself for your past financial mistakes.”
ENDS
Methodology
Consumer research was conducted by Opinium on behalf of Moneybox from 4th to 10th December 2025 amongst 4,000 UK Adults, weighted to be nationally representative on the basis of age / gender / region.
Millennial women (women aged 30-45) across Britain have an average of £49,608 saved towards their pension vs millennial men who have £85,529 -72% more. Based on the age of someone who is 37, state retirement age (68), assuming no further contributions, and a rate of 8.9% outlined by Moneybox – this could mean millennial women have £463,644 less than men.
Gen Z women (women aged 14-29) have saved £28,854 compared to Gen Z men who have saved £59,774 – £31k more. Based on the age of someone who is 21, state retirement age (68), assuming no further contributions, and a rate of 8.9% outlined by Moneybox – this could mean millennial women have £1,691,395 less than Gen Z men.
About Moneybox:
Moneybox is an award-winning wealth management platform on a mission to give everyone the means to get more out of life. Launched in 2016 by Ben Stanway and Charlie Mortimer, Moneybox has grown rapidly and now supports a community of over 1.6 million customers with more than £18 billion in assets under administration. The platform brings together saving, investing, home-buying, and retirement services—alongside powerful tools and educational content—to help people build wealth throughout life, no matter their starting point.
Moneybox is a Which? Recommended Savings Provider 2024. Has been voted ‘Best First-Time Buyer App’ at the What Mortgage Awards three years running (2022, 2023, and 2024) and won the “Best Investment Provider” award at the British Bank Awards for three consecutive years (2023, 2024, and 2025).
www.moneyboxapp.com
Contacts:
Joanne Leahy, Head of PR
joanne.leahy@moneyboxapp.com
Jake Hudson, Senior PR Manager
jake.hudson@moneyboxapp.com
Press
press@moneyboxapp.com