Women ‘risking old-age poverty’
Article Category: Debt Management Help and Advice
Women may be risking debt in later life due to a 13 per cent gender gap in pensions contributions, it has been suggested.
New research from Scottish Widows shows the discrepancy between male and female retirement savings has expanded from eight per cent in 2006 to 13 per cent in 2007, with 35 per cent of women of working age having no pension scheme compared to 22 per cent of men.
The earnings gap was said by the financial services provider to be a driving factor in gender pensions inequality, with women earning an average of 62 per cent of male salaries.
Employer contributions were also found to be lower for female pensions than male schemes - companies invested an average of 5.7 per cent into women’s retirement funds compared to 6.5 per cent into male pension schemes.
"Women need to remember that without their own pension scheme in place they could be left without anything for their retirement," said Ian Naismith, head of pensions market development at Scottish Widows.
According to the Fawcett Society show that the gender pay gap may take more than 80 years to eradicate.
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