Women fare worse in pensions
Women are not contributing to personal and occupational pensions, new figures reveal.
And without pensions advice this could lead to the nation's women becoming a "pensions underclass" figures from Prudential show.
Some 60 per cent of UK women currently do not contribute to a pension, with those that do put money away for their future saving 22 per cent less than men on average.
"Women are the underclass when it comes to pensions," said Gary Shaughnessy, managing director at Prudential Retail Life & Pensions.
"Women clearly play a vital role in the workplace but this is not being reflected in the pensions they can expect."
Currently, the majority of British women (51 per cent) think their standard of living will fall in retirement, with one woman in five having no means of boosting their state pension with either a personal or occupational pension.
By contrast, the majority of men are contributing to a personal pension of some sort, with only one in ten having no method of boosting their state pension income.
"With more people choosing to live alone and the number of divorces at high levels it is undeniable that individuals cannot rely on partners for their retirement finances," said Mr Shaughnessy.
"However, this doesn't mean everyone should forget about saving and planning for their retirement as it's never too late to start saving for retirement.
"Retirement is now roughly 25 years long for the average person, so people need to not only review what their pension will deliver, but also think about all the other sources of wealth available to them, such as property and other savings."
Comments
Newsletter sign up