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18 Nov 2015

Just 50% of UK women saving enough for their retirement

A new report has revealed some worrying statistics about the proportion of women in the UK who are failing to put aside enough money for their retirement, according to the Professional Pensions website.

The Women in Retirement report, conducted by Scottish Widows and the Fawcett Society, has found that only half of UK women are saving enough money to fund their retirement, compared with 60% of men who are putting away adequate savings.

In addition to this, nearly a quarter aren´t saving anything at all; in contrast, just 15% of men in the UK are failing to save any retirement money at all.

In fact, women fared worse than men in many areas of employment and pensions, the researchers found. More than two-thirds of female respondents were unsure how much money they needed to save for their desired retirement lifestyle, while 42% admitted to having little or no understanding of individual pension savings.

Worryingly, a third (32%) of female retirees said they had been disappointed by their retirement income as the amount was less than they had anticipated.

Jackie Leiper, a retirement expert at Scottish Widows, explained that although attitudes regarding retirement savings were “almost on a par” between younger men and women, there was “an alarming divergence in the 30s which needs to be addressed.”

She added that it is imperative to ensure that life changes which impact women in particular - such as taking a career break to have children or changing working patterns to suit family life - do not have a negative impact on their future security.

The report advises that the ‘earnings trigger´ for auto-enrolment should be significantly reduced so that women are less at risk of missing out on vital savings. The authors also recommend that a single rate of tax relief on pensions would benefit female savers.

Copyright M2 Bespoke 2015

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