Women worry more about retirement
Women may be more inclined to seek pensions advice than men as new research shows they worry more about retirement.
According to a survey conducted by YouGov for The Hartford, 54 per cent of women aged 45 to 54 fear they will run out of money before they die.This compares to just 45 per cent of men in the same age group who said they harbour similar pension concerns.
The survey also shows that non-retired women generally worry more about money than their male counterparts.
Some 61 per cent said they think more about their day-to-day finances during the current economic climate, compared to 50 per cent of men.
Michael Rudge, managing director of Hartford Life Limited, said: "It is entirely understandable that women are now worrying more about retirement than men.
"In addition to living longer than men, women often appreciate the cost of living more."
He said financial advisors therefore have a role to play in providing pensions advice to women in relation to suitable saving strategies.
And pensions advice could be highly sought after as research from the Association of Consulting Actuaries shows that almost a third of small firms may downgrade their existing pension scheme following the introduction of personal accounts.
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