Women ‘need to plan financially’

Women need to make plans to ensure they will be financially sound in the future, one financial services group has suggested.

According to research by Friends Provident, 30 per cent of British females aged between 25 and 45 do not have in place a plan for their future, meaning they could experience problems such as bankruptcy or property repossession later in life.

And the findings also revealed 69 per cent do not have a personal pension in place, while more than half admit they save £500 or less every year.

The findings come following the news that more women may qualify for a full state pension from 2010 and while that was described by Friends Provident’s Christine O’Grady as “great news”, she warned such a move may not cover the cost of retirement.

“As people live for longer, it is critical they prioritise retirement planning to ensure they have a stable financial future,” she explained.

Money website Fool.co.uk has urged Britons to prepare for the impending recession, stating that many are not conducting their debt management efficiently enough.