When it comes to retirement plans, 71% of women don’t know what size pension pot they need to provide the retirement income they want.
According to research by Scottish Widows and the Fawcett Society, 43% of women have little or no understanding of individual pension savings.
Important findings:
- 14% of women have no understanding of workplace pension schemes, compared to 10% of men
- 25% of women aged 30-49 aren’t saving for retirement
- 12% of women who are in work are not enrolled in a workplace pension scheme
- 38% don’t think automatic enrolment is a good idea or don’t know, compared to 32% of men.
Liz McKenzie, chief operating officer of Wesleyan, commented on the report: “Auto enrolment and greater pension freedoms have been successful in getting people to talk more about finances in later life, but in doing so, it seems that women in particular are more concerned that they are not doing enough.”
Talk to us today about your retirement plans.