Women risk debt because of families, report shows

Women are putting themselves increasingly at risk of falling into debt because of their decision to stop working to have children.

This is according to a report carried out by Scottish Widows, which revealed that 24 per cent of females have either reduced or stopped their pension contributions and other savings because they left employment to start a family.

Such decisions may leave them more susceptible to debt upon their retirement.

And more than a third state that they do not believe their partner’s income will be enough to sustain comfortable living through their twilight years.

In contrast, men are not as liable to the risk of a pension shortfall as 82 per cent of them aged between 30 and 50 work full time, whereas 47 per cent of women are in long-term jobs.

In related news, recent studies from NS&I indicated that financial security is an important factor for many of Britain’s adults when considering having children, with 64 per cent considering it to be a necessity.

By Sarah Adie