Retirement warning for women

Thu, 24 May 2007

HSBC has called for women to do more in order to prepare for their retirement.

The bank has said that various pieces of research show men are more financially prepared for retirement through making pension contribution and saving money.

Ian Martin, the head of pensions and retirement income for HSBC Insurance in the UK, said six out of ten women are not contributing to a pension scheme at present.

He believes a key reason for this "seemingly lacklustre" outlook on retirement is a lack of understanding about retirement pensions and how women can pay into them.

"We found that 44 per cent of HSBC respondents thought they had to be working to make pension contributions and only 36 per cent were aware that anybody can contribute to a pension on behalf of somebody else," Mr Martin said.

Earlier this week, Prudential called women the pensions "underclass". Its research found that the women who do contribute to pension schemes pay in almost a quarter less than men.

This is despite the fact that more than half believe their retirement income will not enable them to carry on living in the way they do.

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