Market Research Reveals Female Pension Planning At An All Time Low

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28th October 2013 10:58 - Financial Services

A new market research study undertaken by Scottish Widows has warned that women’s preparation for retirement is at a record low and lagging behind their male counterparts. The research, which polled 5,000 women, found that just forty per cent of them were preparing for later life (compared to the figure of 49 per cent of men). This is a two per cent decrease on the figures reported in 2012 and creates a gender pensions saving gap of almost £1,000 a year.

The report went on to reveal that women are increasingly coming up against barriers to saving at each stage of life with lifestyle factors taking their toll on women of different ages. Generally women in their 20s were found to be tied down by short-term financial pressures and were keener to pay off debts, travel and go on holiday first rather than saving for retirement. Women in their 30s struggled with having reduced work hours which then have a knock on effect on their ability to save. The research also found that only fifty per cent of women in their 30s work full-time compared with eighty one per cent of men of the same age. Once women reach their 40s the report suggests that almost a quarter of 40 to 49 year olds prioritise financial support for their children over retirement saving. 

Commenting on the survey’s findings and alluding to recent legislative changes for businesses, a Department of Work and Pensions spokeswoman said: ‘Our reforms will introduce a single, simple, decent state pension, which will provide a solid foundation for further saving through automatic enrolment into workplace pensions with employer contributions and tax relief’.

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