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Women not saving sufficient funds for their retirement

savingThe number of women saving adequate funds for their retirement is falling according to a new study.

A report from Scottish Widows found that just 40 per cent of women were deemed to be putting away enough money, down from 42 per cent last year.

An adequate amount to set aside is 12 per cent of yearly wages according to the study but the current financial situation suggests this is not the case.

Men on the other hand were slightly better at saving for retirement, with 49 per cent of males surveyed preparing for later life.

Interestingly, this figure is the same as last year, suggesting that men are managing their finances slightly better.

“It is worrying to see that women are continuing to lag behind men in retirement savings,” said Lynn Graves, head of business development with Scottish Widows.

“The number of women preparing adequately for retirement has dropped from last year to a record low.

“This growing gender gap in retirement savings means that women are facing an ever-increasing shortfall when it comes to retiring and must act now to ensure they will not be left exposed in later life.”

It was the ninth year that the survey has been carried out and it suggested that women were hitting barriers to saving in early life.

It comes at a time when joint loans and short term solutions are being found to pay bills and cover the cost of living.

Women who were saving for their retirement were setting aside £182 a month, some way below the £260 a month being saved by men.

Those in the UK are continuing to focus on getting more people to save for retirement through a workplace pension.

However, in the meantime, many people, especially those with bad credit, have to use emergency loan solutions to cover the costs associated with rising energy and food bills.

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Andrew Wayland
Marketing Director at Everyday Loans
Andrew Wayland is a financial marketing expert and helped set up Everyday Loans back in 2006. Prior to his position as Head of Marketing for Everyday Loans he worked as the Head of Commercial Development for a tech start up and ran his own PR agency for around 5 years. LinkedIn: https://www.linkedin.com/in/andrew-wayland-9018074