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| Women's pension saving lagging far behind men, new research shows | Women's pension saving lagging far behind men, new research shows |
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| More than a third of women do not have any pension savings for retirement, and those who are putting money by are typically savings much less than their male peers, according to research by Scottish Widows. | More than a third of women do not have any pension savings for retirement, and those who are putting money by are typically savings much less than their male peers, according to research by Scottish Widows. |
| Barriers to saving at every life stage are creating a "gender savings gap", which the government needs to help women address, the firm said. | Barriers to saving at every life stage are creating a "gender savings gap", which the government needs to help women address, the firm said. |
| The pensions provider interviewed more than 5,000 people for its ninth Women and Pensions report and found the proportion of women saving into a scheme for retirement was much lower than that of men. | The pensions provider interviewed more than 5,000 people for its ninth Women and Pensions report and found the proportion of women saving into a scheme for retirement was much lower than that of men. |
| While 37% of females were not saving at all, the figure for males was 27%. When it asked how many were saving at least 12% of their income, or expecting a final salary pension, again the figure with provisions was much higher for men - only 40% of women were in this camp, down from 42% in 2012 and a peak of 50% two years ago, compared with 49% of men. | While 37% of females were not saving at all, the figure for males was 27%. When it asked how many were saving at least 12% of their income, or expecting a final salary pension, again the figure with provisions was much higher for men - only 40% of women were in this camp, down from 42% in 2012 and a peak of 50% two years ago, compared with 49% of men. |
| In hard cash terms, women said they were saving an average of £182 a month, versus £260 among men. | In hard cash terms, women said they were saving an average of £182 a month, versus £260 among men. |
| While those in their 20s cited living expenses as a priority over pensions, women in their 30s were more likely to be in part-time work than men, earning less as a result – during this decade Scottish Widows said the average monthly savings among women dropped to £87 a month. | While those in their 20s cited living expenses as a priority over pensions, women in their 30s were more likely to be in part-time work than men, earning less as a result – during this decade Scottish Widows said the average monthly savings among women dropped to £87 a month. |
| One in four women in their 40s said she had prioritised fiancially supporting children over retirement savings in the last five years, while women in their 50s were prioritising clearing debt. | One in four women in their 40s said she had prioritised fiancially supporting children over retirement savings in the last five years, while women in their 50s were prioritising clearing debt. |
| Lynn Graves of Scottish Widows said: "It is worrying to see that women are continuing to lag behind men in retirement savings. | Lynn Graves of Scottish Widows said: "It is worrying to see that women are continuing to lag behind men in retirement savings. |
| "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." | "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." |
| Tom McPhail, head of pensions research at financial adviser Hargreaves Lansdown, said the government could improve the retirement incomes of women by raising the universal pension allowance, which offers tax breaks on pensions contributions by people who are not working, and can be used by those on career breaks. | Tom McPhail, head of pensions research at financial adviser Hargreaves Lansdown, said the government could improve the retirement incomes of women by raising the universal pension allowance, which offers tax breaks on pensions contributions by people who are not working, and can be used by those on career breaks. |
| He added: "Employers should be encouraged to talk to their employees about the benefits of auto-enrolment, to encourage as many lower earners as possible to opt into their workplace scheme and take advantage of their employer's contributions." | He added: "Employers should be encouraged to talk to their employees about the benefits of auto-enrolment, to encourage as many lower earners as possible to opt into their workplace scheme and take advantage of their employer's contributions." |
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