The gender gap in savings and pensions costs the Spanish economy 28.5 billion euros and half a million jobs per year

• The second edition of the report ‘Opportunity cost of the gender gap in pensions and retirement savings’ by the ClosinGap Association, led by MAPFRE, puts the opportunity cost of inequalities between men and women in retirement at 1.8% of GDP.
• The report highlights that women receive €500 less in pensions per month and are more dependent on widow’s benefits. This is compounded by a lower capacity for retirement and asset savings.
• The study warns that the gender gap in pensions not only limits the autonomy of older women, but also hinders economic growth and social cohesion.

Madrid, September 30, 2025 – The second edition of the report “Opportunity Cost of the Gender Gap in Pensions and Retirement Savings” by the ClosinGap Association, led by MAPFRE, reveals that inequality in pensions and savings between women and men not only limits the economic autonomy of older women, but also represents a brake on economic growth and employment in Spain.

The study reveals that the gender gap in pensions and private income during retirement has an economic impact of €28.5 billion, equivalent to 1.8% of the national GDP. This deficit in economic activity translates into the loss of approximately 500,000 jobs and a decrease in public revenue of around €4.9 billion annually in income tax and VAT.

Since the publication of the previous report in 2019, the pension system has undergone several reforms aimed at strengthening its sustainability, including the promotion of occupational pension schemes and the encouragement of active and delayed retirement. However, the report warns that this latter incentive has had an unequal effect: in 2024, 10.5% of men opted to postpone their retirement compared to only 7.8% of women, reflecting the greater difficulties women face in meeting the required contribution years or in extending their working lives due to unpaid caregiving responsibilities.

As Borja Suárez, Secretary of State for Social Security and Pensions, has pointed out, “the gender gap is the main problem of the Social Security and pensions system from the perspective of protective measures. It is essential to address the root of structural discrimination against women: the labor market.”

Antonio Huertas, president of MAPFRE, for his part, urged “a call to action from Spanish society to accelerate the closing of this gap. In just a couple of decades, the dominant population cohort will be the senior population, retired or not, but who are destined to be the clear engine of growth and development. We need them to have sufficient financial resources to lead the drive for economic activity and continue contributing value. And pensions alone will not achieve this; savings and supplementary income generated throughout their working lives are required.”

Persistent inequality in pensions

The figures highlight persistent inequalities in access to and the amount of benefits. In 2024, women received an average contributory pension of €1,100 per month, compared to €1,600 for men, a difference of €510 per month, equivalent to a relative gap of 31.9%. Furthermore, only 57% of female pensioners receive a retirement pension, compared to 82% of men. Meanwhile, three out of ten older women depend on a widow’s pension, a virtually nonexistent option for men.

Lower female participation in the labor market, resulting in shorter contributing careers and a gender pay gap of around 20%, explains much of this inequality. This is compounded by a reduced capacity for retirement and wealth savings. The report, which for the first time incorporates individual tax microdata, shows that in 2022 women over 67 had accumulated an average of €6,700 less in net worth than men. While this difference has narrowed compared to 2016 thanks to a smaller gap in real estate assets, it contrasts sharply with what has happened in private pension plans, where the gap between men and women has increased by €1,000 per person in just six years.

Marieta Jiménez, president of ClosinGap, emphasized in her speech that “it’s about ensuring that young women starting their careers today reach retirement without forced sacrifices. That the so-called ‘silver age’ truly becomes a golden age. We face an immense challenge, but also a historic opportunity: to demonstrate that every year gained can also be a fairer, more prosperous, and more humane year. That is the country our mothers, our daughters, and above all, we ourselves as a society deserve.”

Longer lifespans, fewer resources for long-term care

These disparities also extend to the area of ​​long-term care. Women live longer than men – 85.8 years compared to 80.3 – but they do so in poorer health and with fewer financial resources to cover care costs. From age 80 onwards, the cost of long-term care is 1.8 times the average female pension, an unbearable burden for many women who, even by using their savings, lack sufficient liquid assets to cover it.

A matter of justice… and economic efficiency

The report is conclusive: the gender pension gap is not only a matter of social justice, but also of economic efficiency. Reducing it would mean more consumption, more employment, higher tax revenue, and a more cohesive society.

Five lines of action, from both a public and private perspective

The study also proposes a set of measures that combine public and private action: strengthening the public pension system with a gender focus; promoting equality in the labor market; encouraging women’s pension savings; improving long-term care; and evaluating the impact of reforms from a gender perspective.

The panel discussion, which included Ricardo Gonzalez Garcia, Director of Analysis, Sectoral Studies and Regulation at MAPFRE; Juan Fernandez Palacios, Director of the Ageingnomics Research Center at Fundación MAPFRE; and Fatima Báñez, President of Fundación CEOE, yielded a key conclusion: “While the report reflects an improvement compared to the analysis presented in 2019, progress remains slow. To advance in closing the gender gap in pensions and retirement savings, it is essential to define public policies, appeal to private and corporate responsibility, and maintain intergenerational and gender commitments.”