“Retirement Provision Report 2025” by Deutsche Bank and DWS: Women face a double retirement gap

• Lower statutory pensions and hesitant private provision deepen women's financial disadvantages in old age
• Emotional hurdles and complexity are the biggest barriers – targeted advice is crucial

The financial future of many women in Germany is uncertain. They face a double retirement gap: not only do they receive significantly lower statutory pensions than men, but they also make private provisions less often and with greater hesitation. This is a key finding from the Retirement Provision Report 2025, which Deutsche Bank and DWS presented at the end of last year.

Structural disadvantages lead to lower pensions

The causes of this imbalance are rooted in longstanding social and professional structures. Women work part-time far more frequently (49% vs. 12% of men) and often take longer parental leave. Combined with the gender pay gap, this results in significantly lower contributions to the statutory pension system.

The impact is clear: according to data from the German Pension Insurance Deutsche Rentenversicherung, women received an average state pension of just 1,394 euros at the end of 2023, compared with 1,809 euros for men – a gap of over 400 euros per month.

The second gap: private provision remains a challenge

With statutory pensions lower, private provision becomes even more important. Here too, though, the gap continues. Although women perceive the risk – 67% fear being dependent on social benefits in old age compared to  55% of men – this awareness rarely translates into action.

The reasons are often emotional:

• Fear and overwhelm: 59% of women feel "fear" when thinking about retirement provision (vs. 48% of men). For 71% of women, the products are too complicated; 67% feel overwhelmed.
• Lack of self-confidence: only 21% of women feel well informed about financial products (vs. 41% of men). As a result, many fear making the wrong decision (71% vs. 60%).
• Perceived unaffordability: 68% of women believe they cannot afford private retirement provision (vs. 59% of men).

Partnership status, separation and employment:

• Married men make comprehensive provisions more often (22%) than married women (15%).
• Divorce widens the gap: 18% of divorced men say they make comprehensive provisions, compared with only 10% of  divorced women.
• The self-employed do not fare better: employed and self-employed women save at similar levels.

Overall, only 49% of women have a private retirement provision product, compared with 57% of men.

Safety-oriented thinking widens the return gap

More risk-averse investment behaviour further disadvantages women. While both genders favour insurance products, men invest more frequently in capital-market solutions with higher return potential.

This reluctance has consequences: only 19% of women use an ETF savings plan (vs. 35% of men) and only 16% invest in equities or stock savings plans (vs. 34% of men). This contributes to lower returns over time and reinforces the gap.

The way out: advice works, but is rarely used

More than half of women (57%) want greater support when making financial decisions, and 78% consider good advice essential. Yet 62% have never had an advisory conversation. The study shows that advice is one of the most effective levers: 57% of women who received advice subsequently took out a provision product.

"The figures are a wake-up call. It’s not enough to merely appeal to urgency. We must take emotional hurdles seriously and dismantle them," said Anna Pfau, Head of Monitoring and Data Analysis at Deutsche Bank, at a "Female Finance" event held by Deutsche Bank on March 16 in Frankfurt.

Julia Hilgers, Senior Portfolio Manager at DWS, added: "Our goal is to encourage women to take their financial future into their own hands – with understandable products and simple entry points such as savings plans."

Conclusion: a new approach to financial advice is essential

The study concludes that what women need most is not new products, but simpler, more accessible  financial planning. The biggest impact comes from reducing fears, making financial language easier to understand and strengthening confidence through personal advice. When security (a top priority for 59% of women) and clarity (49%) are provided, women are far more likely to take action.

About the Retirement Provision Report 2025

On behalf of Deutsche Bank and DWS, polling institute Civey surveyed 3,200 citizens aged 18 to 65 online between August 25 and September 5, 2025. The results were weighted by socio-demographic characteristics to ensure they reflect the population as a whole.