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PPI claims could help women save for retirement

Women approaching retirement age may want to check to see if they can boost their income by making a payment protection insurance (PPI) claim, as it seems they are less likely to have adequate pension provisions in place than men.

New research from Friends Life has found 59 per cent of women are not saving for their retirement, compared to 52 per cent of men.

Furthermore, the study suggests that women do not understand the range of different options available to them as well as their male counterparts.

Martin Palmer, head of corporate benefits marketing at the firm, said women were "failing to grasp" the financial uncertainties which could manifest once they retire.    

He explained that this could be due to the breaks in their career, less flexible working arrangements or "simply because they find them confusing".

This comes after Defaqto told financial advisors not to recommend a one-size-fits-all approach to retirement saving.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801241942-ADNFCR

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