Women facing pension crisis, study shows

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Financial Services > Pensions > News

Women facing pension crisis, study shows

Wed, 22 Nov 2006

Women in the UK could be set for financial difficulties after reaching retirement, according to new research.

Just under one-third of women have no personal pension plans, while half of those making pension savings stop when they have children, a study by Scottish Widows has revealed.

Additionally, women are saving £128 per month towards their pension - this compares with £199 for men.

Women are also less optimistic about reaching retirement, while two-thirds believe they cannot increase their monthly savings contributions.

Ian Naismith, head of pensions market development at Scottish Widows, comments: "Although the state system is beginning to adapt to women's needs, the proposed changes to workplace pensions will still not cater for women's irregular working patterns."

He added that many employed women may not be working full-time, which would also see their pension saving reduced.

According to recent research from JPMorgan INVEST, 64 per cent of UK workers are heading for financial difficulties after reaching retirement.

The company states that adults will need a pension pot of around £700,000 to secure a comfortable retirement.

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