Oct 21 2008
Despite the fact that women have a greater life expectancy than men, they are paying less into their pension savings, new research suggests.
Produced for Fairinvestment.co.uk, the figures indicate that while the average pension contribution made by UK workers each month into a retirement fund is £64, women only pay an average of £50.
Meanwhile, men put away an average of £100 per month in savings for their retirement.
"It is harder for women to save a significant amount as career breaks for children are common, which means they should save as much as they can, when they can," advised Fairinvestment.co.uk's chartered financial planner Sharon Bratley.
She added that as life expectancy increases in Britain, more consumers will find they have insufficient pension funds unless they begin making adequate contributions.
Meanwhile, charity Age Concern recently said that the government should take into account rising inflation when it comes to uprate next year's state pension.
