Only six per cent of British women believe they have enough money saved for their retirement pension, but that does not seem to affect the way they think about their savings for their retirement.
Almost half of the women surveyed in Friends Provident’s Pensions Realisation Research have not put any money into a personal pension plan, and a further ten per cent claim they are too young to start thinking about saving money for when they reach retirement age.
But even the women who are saving money towards the day they reach retirement age are pessimistic about their retirement pension.
Over 40 per cent of women with money saved for retirement pension believe they will be worse off financially once they reach retirement age.
And with life expectancy on the rise, the period of retirement pension is prolonged. Still, nearly a third of women expect to retire at age 60, five years earlier than normal retirement age.
Jeremy Ward, head of pensions marketing at Friends Provident said the fact that women tend to live longer, take career breaks or give up work to raise children and have a desire to retire earlier, cause problems for UK pensions.
Mr Ward urged women to start saving money towards their retirement pension at an early age: "The earlier women start building their pensions pot the more likely they are to ensure a financially secure retirement."
Women not saving money for retirement pension
Pensions Quote Line
0845 108 0505
Women not saving money for retirement pension
Thu, 23 Jun 2005
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1998 - 2007 UK Pensions - Planning before, at the onset and during retirement.
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