Maternity leave 'contributes to savings gap'

A savings gap is caused by women going on maternity leave, one expert has claimed.

Anna Sofat, director of ADIDDI Wealth, claims that the majority of female professionals cease paying into a retirement fund when they take time off to have children – potentially heightening the need for them to access the best interest rates on savings.

She suggested that in this situation, employers should do more to inform and educate women on their savings options.

"I think if people are inclined, or having to scale back for one reason or the other, there ought to be more proactive methods to make sure they understand the implications and are not just focused on here and now," Ms Sofat said.

According to research conducted by Scottish Widows, 26 per cent of women who should be saving for retirement are failing to do so.

This compares to 15 per cent of men in the same situation.

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2009-10-16 10:13:14 © Moneyextra.com