Several recent reports have suggested women have been hit hardest by the economic downturn, with high unemployment rates and the loss of some benefits, causing women to neglect saving into a pension.The average monthly saving among women has fallen from £130 to £95 since 2011, while the average for men has risen from £174 to £185. A 30-year-old woman who continues saving at the same rate will retire on a pension pot almost £30,000 smaller than a male the same age.
Scottish Widows found women were undertaking long-term savings outside pensions, although the amount put aside has fallen. Women who are saving put aside £203.21 a month on average, down from £227 in previous years, and 29% are saving on a regular basis.
Lynn Graves, of Scottish Widows, said: "The recession has had a major impact on people's attitudes to managing their finances, as the message to 'live within your means' has been hammered home. While women are right to focus on making sure their debts are manageable, other sacrifices may need to be made to ensure retirement plannning is in place. "There is clearly a demand for greater financial support and financial education to help people get the balance right between managing debt payments and taking a realistic approach to long term savings."
Dr Ros Altmann, director-general of Saga, said the figures showed women were "still very much second-class citizens" when it came to pensions. Enable’s Independent Financial Advisors can help women of every age plan their savings.
No comments:
Post a Comment