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Women warned not to ignore pension peril

Women warned not to ignore pension peril

Category: Pensions

Updated: 14/09/2010
First Published: 14/09/2010

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The message that people need to start saving for retirement as soon as possible is being ignored by around half of women in Great Britain, new research has revealed.

A staggering 47% of women who have yet to retire are currently without a pension, and the problem is increasing year-on-year, according to Baring Asset Management.

A year ago, 40% of women had made no provision for their retirement, while in 2008, the figure was 39%.

Furthermore, almost a quarter (22%) of non-retired adults aged 55-64, regardless of their gender, were found not to have a pension.

Over one million people aged 65 or over were found not yet to have retired, but it has been warned this number could increase dramatically as a result of so many people not having pension plans.

Four out of ten people (40%) aged 25–34 said they did not have a pension plan, and the figure for those aged 35–44 was one in three (32%).

"Our findings are very worrying," said Marino Valensise, chief investment officer at Barings.

"With the demise of defined benefit pension plans and the fact that life expectancy is increasing, people need to save more for their retirement and start sooner.

"However, our research suggests that increasingly, retirement will be seen as a luxury for people as opposed to a right, and many more will be forced to work beyond their 65th birthday in order to maintain their standard of living."

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