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28 Oct 2013

Just 40% Of Women Take Adequate Steps To Prepare For Retirement

New data released by Scottish Widows revealed that just two in five women in the UK are taking adequate measures to secure a comfortable retirement. This compares to 49% of men who are preparing for later life in a sufficient way, a report by the pension provider said.

This means that for both genders, the average proportion of those saving adequately stands at 45%, well below the 54% recorded in 2009, Scottish Widows said in a press release.

Findings from its ninth annual research on pension plans show that as many as 37% of female respondents have no pension at all. Overall, women who save for retirement manage to put aside an average of £182 every month, while men contribute £260 monthly.

The pension provider pointed out that women face obstacles for efficient pension planning and saving for retirement at every stage of their life, which results in a growing gender gap in retirement income. The report claimed that women are provided with fewer opportunities to save up, as they often face short-term financial gaps while they are still young, and often provide financial support to their children in later life.

The survey found that half of women aged between 40 and 49 prioritise supporting their children over contributing to a pension pot. This leaves them vulnerable and exposed to financial difficulties in their later life. Scottish Widows estimated that women should save at least 12% of their income in order to prepare adequately for retirement.

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