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Women lack confidence with pension plans

Women lack confidence with pension plans

Category: Pensions

Updated: 05/10/2012
First Published: 06/07/2012

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
Women are still behind men when it comes to planning for their future.

A quarter of women said they have no confidence when planning for retirement and many see themselves relying on their partners' pensions.

Compared to 13% of men, 25% of women lack confidence with retirement savings and worryingly a fifth view their partner's pension as part of their own retirement plans.

The survey, by the National Employment Savings Trust (NEST), showed women feel more positive about their future workplace pensions, as a result of the forthcoming auto enrolment law.

By law all employers will have to enrol their workforce into a qualifying scheme, making it easier for people to save for retirement. Nearly 72% of women feel the law will alleviate worries of unplanned retirement, compared to 65% of men.

It is thought around 5.5 million women will benefit from the new law, due to take effect in October this year.

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