Women 'not saving enough for retirement'

Too few women are saving enough towards their retirement, a new study has indicated.

According to Scottish Widows, just 47 per cent are putting enough money aside for when they finish working, compared to 59 per cent of men.

Of those able to save into a pension fund, 26 per cent are choosing not to, compared to 15 per cent of men.

The study indicates that barriers to saving include having children, working less than men and having higher debt levels.

Ian Naismith, head of pensions market development at Scottish Widows, said: "Year-on-year our findings have exposed women as the pensions underdogs and in a climate when people need to be saving more than ever for their futures, it is worrying that women over 50 are actually saving less than previous years."

Earlier this week, Lisa Montgomery, head of consumer advocacy at Resi Mortgage Corporation, said all consumers should seek to save for emergencies.

Speaking to the Australian, she suggested that by reducing discretionary spending for six to 12 months and saving the extra finance, consumers can quickly build a fund.

Accessing the best interest rates on savings also helps to maximise income – consumers can check the best rates using comparison tools on moneyextra.com.

Moneyextra.com recommends you take independent financial advice before acting on any article

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2009-10-15 22:52:59 © Moneyextra.com