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Women likelier to require debt management help in retirement?

Women likelier to require debt management help in retirement?

- Tuesday, 13 October 2009

Women could be more likely than men to need debt management advice in their latter years as a smaller proportion of the gender are saving adequately for retirement.

According to research from Scottish Widows, just 47 per cent of women are saving appropriately compared to 59 per cent of men. The figures represent a three per cent increase on the 2008 disparity.

Furthermore, 26 per cent of women that "could and should" be saving are failing to do so. The corresponding figure for men is just 15 per cent.

Ian Naismith, head of Pensions Market development at Scottish Widows, voiced his concerns at the widening gender gap.

He said: "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."

The government is set to review the default retirement age next year.
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