Women 'not saving for retirement'
Updated on 14 October 2008
Less than half of women who could be saving adequately for their retirement are doing so, research suggests.
Only 46% of women are contributing enough to their pensions, compared to 55% of men, out of those who could be saving enough.
This 9% "pensions gender gap" has narrowed from 13% last year, according to the findings published by Scottish Widows.
But the pensions provider said the gap was still "too high" and a "dramatic shift in women's attitudes" was needed.
Those who could be saving were defined as those aged between 30 and state pension age, earning at least £10,000 a year.
But the survey found 44% of all women said they did not think they will ever save into a private pension and 60% claimed they would be unlikely to save for the long-term over the coming year as the credit crunch takes hold.
Having children and inconsistent working patterns were cited as major reasons for inconsistent pension savings, with more than a quarter of mothers (2.2 million) stopping or reducing contributions to their pension.
Ian Naismith, head of pensions market development at Scottish Widows, said: "There is more that women can do to save for the long-term and they should start saving consistently, early in their working lives to make up for the time that may be lost should they have children."
He added the Government should be doing more to "incentivise saving". "For example, by making it clear that for every £4 an individual contributes the Government will add in £1."
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