Women are being urged to start saving for their retirement, as a new survey reveals there is still a gender gap when it comes to making adequate provision.
Women are failing to save enough to ensure a comfortable retirement, according to a new survey by Scottish Widows. The pension provider found that just 46 percent of women who could be saving are putting aside enough money for their retirement years, compared to 55 percent of men.
While this gender gap has narrowed over the last 12 months, there is still a nine percent difference between the number of men and women making adequate pension provisions, which according to Scottish Widows is too high.
The company claims a "dramatic shift" in women's attitudes towards saving is required, with the survey revealing that 44 percent of potential female savers - those between the ages of 30 and state pension age earning over £10,000 a year - believe they will never contribute to a private 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."
Meanwhile, the Times reports that one in ten retirement savers have stopped making contributions to their pension schemes during the current financial crisis, both to minimise the risk of stock market losses and to save money.
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