Female pension struggle highlighted
The majority (51 per cent) of working-age women in the UK are convinced that their current pension provision will not afford them the lifestyle they currently enjoy, according to a new report.
Figures from Prudential show that British women are struggling to save for their future and that close to 60 per cent are yet to contribute to either a personal or a company pension saving scheme.
Indeed, Prudential suggests that women in the UK are in effect a "pensions underclass", citing its own research which demonstrates that those women who are saving for retirement typically contribute 22 per cent less than British men.
"Women clearly play a vital role in the workplace but this is not being reflected in the pensions they can expect," said Gary Shaughnessy, managing director of retail life and pensions at Prudential.
"Retirement is now roughly 25 years long for the average person, so people need to not only review what their pension will deliver, but also think about all the other sources of wealth available to them, such as property and other savings," he added.
Meanwhile, recent research from Your Property Club suggested that 40 per cent of prospective retirees around the country are concerned about the extent of their pension provision.
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