Women facing pension debt

They claim that women are not saving enough for retirement, leading to females over 60 becoming the fastest-growing group of people seeking debt advice.

“In general, men are tuned in to the importance of pension saving and are likely to have company pensions,” warned Julie Hedge, principal at independent adviser Christie Scott’s in a report in the Daily Mail.

“But women overlook retirement saving at their peril.”

Her warning was reinforced by Frances Walker, spokesperson for the Consumer Credit Counselling Service, who said that debt owed by the over-60s is rising fast and now stands at an average of £33,568.

This is a significant problem for women as they live longer than men, meaning that they need to put away more than men to last them through retirement.

However, according to the report in the Daily Mail, women are spending their money on their family rather than on saving for their pensions, meaning that many women will face a retirement of debt unless they take action now.