Women ‘falling behind men in terms of savings’

There is a gender divide in the number of people who are successfully putting money aside into pension schemes, new research has suggested.

A Scottish Widows UK Pensions report has found that 47 per cent of women are saving adequately in comparison to 59 per cent of their male counterparts.

Head of pensions market development at the organisation Ian Naismith remarked that the recession may be having a detrimental effect.

“We have consistently seen groups such as women and the self-employed falling behind when it comes to pensions savings. The impact of the economic downturn is likely to make these groups even more vulnerable,” he said.

Mr Naismith also noted that women over the age of 50 seemed to be neglecting savings the most, but people should continue to save in the hopes of having a decent retirement.

According to the study, satisfactory pension saving had increased from 2006 with an eight per cent rise overall.

In recent news, chief executive of The Children’s Mutual David White stated that saving money from an early age could help adults prepare for retirement.

By Francis Finch