Pension 'gender gap' on the increase

13/10/2009

Many Britons are still not putting enough money by for their retirement, Scottish Widows said today (October 13th).

The pensions provider said that 41 per cent of men and 53 per cent of women are making inadequate savings.

In addition, Scottish Widows pointed out that this "gender gap" has widened by three per cent over the past year.

Rising unemployment due to the credit crunch and recession was seen as a major factor behind the lack of savings.

Just over one in ten women believe that "job insecurity" will prevent them from putting money by over the next year.

Ian Naismith, head of pensions Market Development at Scottish Widows, said: "Year on year our findings have exposed women as the pensions underdogs and in a climate when people need to be saving more than ever for their futures, it is worrying that women over 50 are actually saving less than previous years."

The Scottish Widows study also found that 24 per cent of women with children had stopped some or all of their pension savings due to their offspring's financial demands.

Tags; Budgeting Advice, Retirement Money Problems,

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