Women failing to save up for retirement

Men are more likely to put money into their pension pots than women, according to a new study.

Women may be narrowing their finance options when they are over 50 by failing to save for their retirement, a new study suggests.

According to research from Scottish Widows, more than one in four females who could and should be putting money into a pension pot are not doing so.

This is up from 22 per cent in 2008, which means that less than half of women are putting sufficient funds aside.

By contrast, 59 per cent of men are adequately saving for retirement, with only 15 per cent of males of failing to plan ahead.

Ian Naismith, head of pensions market development at Scottish Widows, commented: "During the economic downturn overall pensions savings have increased, but this is mainly among men and the gender gap has actually widened compared to last year."

He added that it is "worrying" how women are saving less than in previous years, as the economic climate has made it more important than ever to save up for the future.

This comes shortly after Laith Khalaf of Hargreaves Lansdown urged consumers to start saving up for their retirement sooner rather than later.

To view organisations in our Retirement section click here

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