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Debt help among women could rise due to slump in pension saving

Debt help among women could rise due to slump in pension saving

- Thursday, 2 July 2009

The number of women seeking debt advice in their retirement years could rise, according to new figures.

Research conducted by Scottish Widows found that the number of women over 50 saving enough for their retirement has decreased by five per cent. Only 47 per cent of women are now adequately saving.

These figures represent a 'financial time-bomb'. With nearly half all women not saving enough now, there may be significant numbers needing debt help in the future in order to manage.

Ian Naismith, head of pensions market development for Scottish Widows, said that women often struggled with pensions savings, but should think about their future as well as coping with present difficulties.

He said: "We have consistently seen groups such as women…falling behind when it comes to pensions savings. It seems that many women over 50 have almost given up on saving for retirement.

"While people may be worried about their current financial situation they need to make sure they continue saving for the future so they can enjoy their retirement."

The overall percentage of people adequately saving has risen from 51 per cent to 54 per cent, as 59 per cent of men are deemed to be saving enough.
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