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Women fall behind with retirement planning

Women fall behind with retirement planning

Category: Retirement

Updated: 22/10/2012
First Published: 22/10/2012

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 It is now over 6 months old so the content may be out of date.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 pension gender gap is growing even wider, with women on average saving £776 less per year than men.

According to a survey of 5,200 adults by Scottish Widows, a quarter of women are currently saving nothing at all for their retirement, compared with 19% of men, whilst half of women said that they feel financially worse off now than compared with a year ago.

A 30 year-old woman paying an average rate of saving for her retirement is expected to face a short-fall of £29,800 on her retirement at 65 compared to a male.

A larger number of women working part-time and typically earning less than men is believed to be the main reason behind the void in male and female retirement planning.

As a result many women are being forced to prioritise living expenses, childcare costs and existing debt repayments over saving for the future.

Lynn Graves, head of business development, corporate pensions at Scottish Widows, said: "It has never been more important for the pensions industry, Government and employers to raise awareness of this gender gap in retirement savings and help women prioritise their pensions."

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