Pensions minister calls for savings culture change

Mr Purnell warned that only 30 per cent of women retire on a full state pension, compared to 85 per cent of men and said that this needs to change to stop people retiring in debt.

“The worrying reality is that if women don’t make their own saving a priority, they could
find themselves worse off in retirement than they expect,” said Mr Purnell.

His comments come as the government prepares plans to equalise and raise the retirement age for both sexes.

Yet Mr Purnell is concerned that both sexes may still not save enough for a comfortable retirement free from debt and said that people should prepare to live on more than just the basic state pension.

Women’s minister Meg Munn added that consumers “need to think about how they can save privately throughout their lives” to avoid a “big drop in income” at retirement.