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Credit Card Charges: Young women are 'not saving enough' for retirement

Young women are not contributing enough funds to their pension in preparation for retirement, according to new research.

The sixth Scottish Widows Women and Pensions Report has revealed that just over half of women under 50 admit they are not saving enough for their retirement, a rise of eight per cent compared to last year.

The survey found that women aged between 18 and 29 have saved an average of £4,816.50 while men of the same age have set aside £7,709.

Older women are also saving less than their male counterparts, with those aged 51 to 59 saving around £37,642, compared to the £54,345 saved by men of the same age.

Ian Naismith, head of pensions market development at Scottish Widows, said: "Women are saving less than they were a year ago and younger women are saving the least, which is especially worrying as savers tend to stick to habits developed when they are young.

"Attitudes need to change and the major disparity between male and female saving habits needs to be resolved or even more women will face poverty in their old age."

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt. ADNFCR-2776-ID-800124842-ADNFCR

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