Women in more debt than men, research shows

Women owe more money to creditors than men, according to a new study by Scottish Widows.

The pensions firm found that females have £12,156 non-mortgage debt on average compared to £11,080 for their male counterparts – a difference of more than £1,000.

In addition, the research showed that women are not as likely to be saving adequately for retirement, with 47 per cent putting enough away in contrast to 59 per cent of men.

Head of pensions marketing development at Scottish Widows Ian Naismith said there is “a long way to go” before the difference between the sexes closes when it comes to saving for retirement.

“During the economic downturn overall pensions savings have increased, but this is mainly among men and the gender gap has actually widened compared to last year,” he explained.

In August, Scottish Widows reported a worsening of retirees’ debt burdens, with non-mortgage debt up almost £600 to £7,344 for this demographic in 2009.

By Chris Trimble

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