Women “are not saving enough for retirement”

Women are not doing enough to financially prepare for their retirement, according to a report released today.

A study conducted by HSBC concluded that women are less prepared than men for ceasing to work.

Researchers for the bank found that six in ten women were not currently contributing to a pensions scheme.

Just under half of these were under the impression that they had to be currently working to engage in a pension scheme, which is not the case.

A further 64 per cent were unaware that their pension fund was open to contributions from persons other than themselves.

Ian Martin, head of pensions & retirement income at HSBC, warned women that they need to begin accumulating savings if they wish to maintain their lifestyles in retirement.

“Current pension reforms indicate that by the time a 27 year-old woman reaches the age at which she can claim basic state pension, she would be entitled to around £135 a week, but only if she has made National Insurance contributions for most of her life,” he said.

In related news, Prudential also released a study today which also found that women were making less preparation than men for their old age.

© Adfero Ltd

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