Scottish Widows study reveals retirement pensions gender gap
Men are adding to their retirement pensions more than women, a new study has found.
A new survey by retirement pensions firm Scottish Widows has found that fewer women are making savings towards the years they will no longer be in employment compared to men.The research discovered that only 47 per cent of female over-50s are putting money towards their retirement pension fund, while 59 per cent of males continue to top up their savings, and this gap has increased by three per cent in the last 12 months.
Many women are blaming the recession and its negative effects on personal finance for the reduction in retirement pension pots - 42 per cent believe the credit crunch has meant they will have less money when they leave work.
Only 12 per cent believe their funds will be unaffected by the downturn.
Ian Naismith, head of pensions market development for Scottish Widows, said: "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.
"Year on year, our findings have exposed women as the pensions underdogs and in a climate when people need to be saving more than ever for their futures, it is worrying that women over 50 are actually saving less than previous years," he added.
The age for retirement should be increased from 65 in order to make the pensions industry more sustainable, one firm recently said.
Pinsent Masons, which deals with international law, claimed that pensions packages should be delayed until as late as 75 because life expectancies are creeping up to 90 years old.
By Tobias Bluth
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