Gender Gap in Savings and Pensions Costs Spanish Economy 28.5 Billion Euros, Half a Million Jobs Annually

The second edition of the report Opportunity Cost of the Gender Gap in Pensions and Retirement Savings by Asociación ClosinGap, led by MAPFRE, shows that inequality in pensions and savings between men and women not only undermines the economic independence of older women but also acts as a drag on Spain’s economic growth and job creation. 

According to the study, the gender gap in pensions and private retirement income generates an economic impact of 28.5 billion euros, equivalent to 1.8% of Spain’s GDP. This shortfall in economic activity translates into the non-creation of nearly 500,000 jobs and a reduction in public revenues of around 4.9 billion euros annually from income tax and VAT. 

Since the previous report was published in 2019, Spain’s pension system has undergone several reforms aimed at reinforcing its sustainability, including the promotion of employer pension plans and the encouragement of active and delayed retirement. However, the report warns that this latter incentive has had an uneven effect: in 2024, 10.5% of men chose to postpone retirement compared to only 7.8% of women, reflecting the greater difficulties women face in meeting contribution requirements or extending their careers due to unpaid caregiving responsibilities. 

Borja Suárez, Secretary of State for Social Security and Pensions, emphasized: “The gender gap is the main problem facing the Social Security and pension system from the standpoint of protective action. It is essential to address the root of structural discrimination against women: the labor market.” 

Antonio Huertas, MAPFRE chairman and CEO, urged Spanish society to take decisive action to accelerate the closing of this gap. “In just a couple of decades, the dominant demographic cohort will be seniors—retired or not—who are destined to drive growth and development. We need them to have sufficient financial resources to lead the push for economic activity and continue creating value. That cannot be achieved through pensions alone; complementary savings and income generated over the course of their working lives are also required.”

Persistent inequality in pensions 

The figures highlight persistent inequalities in both access to and the amount of pension benefits. In 2024, women received an average contributory pension of 1,100 euros per month, compared with 1,600 euros for men—a difference of 510 euros, or a relative gap of 31.9%. In addition, only 57% of female pensioners receive a retirement pension, versus 82% of men. At the same time, three in ten older women rely on a survivor’s pension, a benefit that is almost negligible among men. 

Women’s lower participation in the labor market—which results in shorter contribution histories and a wage gap of around 20%—explains much of this inequality. In addition, they have less capacity for retirement and asset savings. The report, which for the first time incorporates individual tax microdata, shows that in 2022 women over the age of 67 held an average of 6,700 euros less in net wealth than men. While this gap has narrowed since 2016 thanks to a smaller disparity in real estate assets, the opposite trend has occurred in private pension plans, where the gender gap has widened by 1,000 euros per person in just six years. 

Marieta Jiménez, president of ClosinGap, has emphasized in her speech: “Our goal is to ensure that the young women starting their careers today reach retirement without being forced into trade-offs. We want the so-called ‘silver age’ to truly become a golden age. We face an enormous challenge, but also a historic opportunity: to prove that every extra year of life can also be a year that is fairer, more prosperous, and more humane. That is the country our mothers, our daughters, and above all, we ourselves as a society, deserve.”

From left to right, Marieta Jiménez, President of ClosinGap, Borja Suárez, Secretary of State for Social Security and Pensions, and Antonio Huertas, chairman and CEO of MAPFRE

More longevity, fewer resources for dependency 

The disparities also extend to the area of dependency. Women live longer than men—85.8 years compared with 80.3—but they do so in poorer health and with fewer economic resources to meet the cost of care. From the age of 80, the cost of dependency is 1.8 times higher than the average female pension, an unsustainable burden for many women who, even when drawing on their assets, often lack sufficient liquid resources to cover it.

A matter of justice… and economic efficiency 

The report is clear: the gender gap in pensions is not only a question of social justice, but also of economic efficiency. Reducing it would mean more consumption, more jobs, higher tax revenues, and a more cohesive society.

Five lines of action, from both the public and private spheres 

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

The debate panel—featuring Ricardo Gonzalez García, Director of Analysis, Sectorial Research and Regulation at MAPFRE; Juan Fernández Palacios, Director of the Ageingnomics Research Center at Fundación MAPFRE; and Fátima Báñez, President of Fundación CEOE—reached one main conclusion: “While the report reflects progress compared with the analysis presented in 2019, the pace of change remains slow. Closing the gender gap in pensions and retirement savings requires well-defined public policies, stronger private-sector responsibility, and a sustained intergenerational and gender-based commitment.” 

You can access the full report at this link. 

About ClosinGap 

ClosinGap is a non-profit association dedicated to driving economic growth through gender equality. 

It brings together 14 major companies—Merck, MAPFRE, Repsol, BMW Group, Mahou San Miguel, PwC, CaixaBank, Grupo Social ONCE, KREAB, Fundación CEOE, Telefónica, Redeia, Herbert Smith Freehills Spain, and Enagás—with the shared goal of accelerating transformation toward equal opportunities for women and men, while contributing to the Sustainable Development Goals through three strategic pillars: 

• Promoting knowledge and debate on equity from an economic perspective.
• Serving as a source of innovation for initiatives linked to women and the economy.
• Acting as a driver of social and economic transformation through initiatives that help close gender gaps.

About MAPFRE 

MAPFRE is a global insurance company. It is the top Spanish insurer worldwide, the market leader in Latin America, and ranks sixth among Europe’s largest Non-Life insurers by premium volume. MAPFRE has 30,000 employees and, in 2024, increased its revenue by 2.9% to 33.2 billion euros, with net profit reaching 902 million euros (+30.3%). 

More information: https://cbc-live.blog/en/newsroom/%3C/a%3E%3C/span%3E%3C/p%3E%3Cp style="text-align: left;">About Afi 

Afi is Spain’s leading independent advisory, consulting, and training firm in economics, finance, and technology. Founded in 1987 by a group of leading academics, the company has become a benchmark provider of consulting, technology, and training services focused on the economic and financial sectors. Afi’s team is made up of more than 250 highly qualified professionals, including over 20 partners.