Women left unprepared for retirement

04/12/2009

Many British women are facing mounting money problems due to their preference for putting their families first.

According to Scottish Widows, an insurance provider, only 47 per cent of females are saving "adequately" for when they retire.

For men, this proportion stands at 59 per cent.

The insurer pointed out that only 47 per cent of women aged between 30 and 50 years old work full-time, compared to 82 per cent of men.

Personal incomes from salaried jobs have also been reduced further with the onset of the recession, as unemployment has risen to a 14-year high of 2.5 million.

Scottish Widows said that money problems were worsened by the decision of 24 per cent of women to stop contributing to pensions and making long-term savings once they have children.

Alison Morris, savings expert for Scottish Widows, said: "Clearly, women need more flexible working practices to help them juggle their working lives alongside their childcare responsibilities - without these, they'll continue to lag behind men when it comes to saving for the future.

"We want women to understand the impact that career breaks have on their pensions and encourage them to do what they can to minimise this."

The UK retirement age currently stands at 60 for women and 65 for men.

Both main political parties have recently suggested that this age will be raised to 66 for both genders over the years to come.

Tags; Budgeting Advice, Young Family Finances, Retirement Money Problems,

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