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Women 'more likely' to face debt problems in retirement

Women 'more likely' to face debt problems in retirement

- Wednesday, 16 June 2010

Women are more likely than men to face debt problems and financial hardship when they retire.

According to Prudential, 35 per cent of women will have an income below the poverty line when they retire compared to 29 per cent of men.

Nearly a third of retirees in 2010 will have an income below £14,000 a year, which may not cover all outgoings.

Vince Smith-Hughes, head of business development for pensions at Prudential, said: "Women are more likely to take a career break when they start a family and possibly the last thing on your mind when you're taking care of children and the home is how you're going to fund your retirement years.

"But as these figures clearly demonstrate those years out of work do have an impact."

The findings reinforce the need for women to put their financial futures in their own hands and start saving from a young age, adds Mr Smith-Hughes.

In order to avoid debt problems after retirement it is wise to put money aside in a pensions scheme.

Property expert and TV presenter Sophie Allsopp advised consumers to start planning for retirement as soon as possible.


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