According to new research carried out by Scottish Widows, young women are leaving themselves vulnerable to poverty in old age by not saving as much as they should.
The sixth Scottish Widows Women and
Pensions Report surveyed 5,000 people and found that young women are not saving for
pensions and retirement.
Women aged 18-29 have saved an average of just £4,816.50 - far less than the average £7,709 saved by men of the same age.
The report also discovered major differences in attitudes to long term and
pension saving between both younger and older women and men of the same age.
A large number of women over the age of 51 are also not saving enough, compared to men within the same age bracket.
More than 50 per cent of women aged over 50 have said that they are not saving adequately for retirement either. Women aged 51-59 have saved a total of £37,642 for retirement, around two-thirds the £54,345 saved by men.
These findings follow recent reports from the Bank of Scotland, which revealed that men in Scotland were better savers than women, with more men likely to have
savings accounts than women, less likely to have no savings and more likely to have
current accounts.
Financial News
