HSBC: Women more prepared for retirement pension

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Financial Services > Pensions > News

HSBC: Women more prepared for retirement pension

Thu, 03 Nov 2005

Women seem to be better prepared for retirement pension than men, research reveals.

When it comes to making plans for when they reach retirement age, the fairer sex are more proactive than their male counterparts, according to a survey by HSBC.

The results were published after the Department of Work and Pensions revealed that women would face more financial struggles than men when they reach retirement age.

It was pointed out that women will receive less state pension than men, prompting them to take action to ensure their own financial security.

Nearly three-quarters of men say they will rely on the state to support them financially in retirement pension, while only 16 per cent of women made the same claim in the HSBC study.

Self-reliance in retirement pension is a reality for 57 per cent of women, while just over half of men have the same prospects.

"Government and industry need to adopt a more flexible approach to retirement saving that makes it easier for women to take and plan for career breaks without losing out on retirement savings," Steve Troop from HSBC urges.

Women were also found to be more active in saving money to fund their retirement pension, with more than half of them already saving money. Two in five men said they were saving money for retirement.

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