In the run up to International Women’s Day, life insurance and pensions firm Scottish Widows has launched what it is calling an ‘industry-first tool’ to calculate the gender pension gap.
Developed in partnership with creative agency Adam&EveDDB, the campaign will highlight the true extent of the disparity between men and women’s pensions and how it can be overcome.
By combining data from Scottish Widows’ annual Women & Retirement Report overlayed with ONS data on average incomes and working patterns, the tool will underpin wider International Women’s Day campaign, with media planning and buying handled by Zenith UK.
Marking the pension provider’s fifth International Women’s Day partnership, the tool was created by Adam&EveDDB using data modelling by Frontier Economics and has been designed to help illustrate how the pension pay gap is more than twice the size of the existing gender pay gap.
According to Scottish Widows data, the gender pay gap grows on average from just £100 at the of 22 to close to £100,000 by the age of 65, due to the numerous life events and choices, such as childbirth, that can impact women’s futures and careers over men.
“So much evidence shows that life events impact women’s financial futures more significantly than men’s and yet most financial services communications are of the one-size-fits-all variety,” Adam&EveDDB planning director, Sarah Morning said.
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“It’s vital that women – and in particular younger women – are made aware of the risks and pitfalls they face and what they can do ahead of time to lessen those risks.”
Scottish Widows’ campaign will also include a TikTok takeover to make younger audiences aware of this persistent issue, with content creators such as Patricia Bright, Emma Stephenson (and her partner Ryan) and Coco Sarel taking part.
A series of out-of-home executions in high-impact locations as well as a sponsorship campaign running in The Independent newspaper will also support Scottish Widows’ key campaign assets.
Zenith UK planning director Anna Mere added: “We’re really excited for this iteration of the IWD campaign, with the powerful message directed at the younger generation this year.”
“It marks a shift in focus for us, both with a different target audience as well as aiming to provide actionable insights with the Beat the Gap tool. We’ve done some brilliant work together to really understand where the gender pension gap starts to widen, and how we approach the new challenges, and can’t wait for others to see the data and take action themselves too.”
