A recent poll from Investec Private Bank has found that 60 per cent of women have not got a personal pension fund and that 1.6million women are planning to rely on their husband’s savings or pension to provide them with an income in their retirement years. A high number of women also said that they were relying on an inheritance to help with their retirement.
The age group that appear to be most reliant on their husband’s savings are women who are between 35 and 44, although almost half of this group do actually have a pension fund of their own. However with one in three marriages now ending in divorce, some women could find themselves facing financial hardship if they don’t plan for their own retirement.
Our view
The world of finance is changing and women are becoming increasingly aware that they need to plan for themselves. We expect these numbers to fall dramatically over the next few years. Even if they do not, the new National Pensions Savings Scheme will force both men and women to save.