Pensioner gender gap widens

13/10/2009

As a nation we're still not putting away enough for retirement, but latest research shows women are being left further behind in the pensions gender race.

According to a new report by Scottish Widows, less than half of women are saving adequately for their retirement.

Having children is given as a factor behind the lack of savings – the study found that almost a quarter of women had stopped some or all of their pension savings because of the financial burden of offspring.

According to Scottish Widows, debt is preventing savings – it's claimed women have over £1000 more non-mortgage debt than men.

But debt solutions firm, EuroDebt, says their figures contradict this. The firm's director, Kevin Still, says the average level of unsecured debt for a female client over sixty on a Debt Management Plan'>Debt Management Plan is £27,664 with 8 creditors.

This is lower than for single males over sixty and couples with one partner over sixty. There is no doubt that the current financial climate, low returns on savings and other family pressures hugely affect people's long term financial planning into retirement, EuroDebt says.

The firm's advice is to look at ensuring they obtain all the benefits they are entitled to and also need to supplement pension income with part-time work without being financially penalised.

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