The Association of British Insurers have just released a survey that claims over 35% of working women are not saving towards their retirement. The survey reported that these women claim pensions are complex, they spend their money elsewhere and the gap between male and female earnings for the same job are the main reasons.
Our View
It is a fact that men still earn more than women for the same job. It is also true that women do tend to have other spending priorities. However, what women need to realise is that no one will look after them in retirement and that statistically they will live longer than their male counterparts. Living longer is a definite reason for saving towards retirement.
The State will only provide a basic subsistence level of income in retirement. If women do not want their living standards to drop, they need to plan early.