Women anxious over their financial futures

levels among women in their 40s and 50s over their finances are being stymied by the cost-of-living crisis, hampering their ability to save for their retirement, according to data from a major name in financial services.

Investment and retirement specialist Fidelity International found that about threeconfidence quarters of this demographic reported it as an issue, and said high household bills are making managing day-to-day spending more difficult. Additionally, 42 per cent of women in their 40s reported being less optimistic about their overall financial position than they were five years ago, compared to 26 per cent of men in the same age bracket.

Emma-lou Montgomery, associate director at Fidelity International, suggested measures to help the “squeezed middle” with their finances and planning, such as automating savings, tracking lost/forgotten pensions, and mapping out an achievable map for retirement.

She also commented: “The cost-of-living crisis is snapping at everyone’s heels, making it difficult for people of all ages, and with women already in a less secure position, the risk of the gender pension gap expanding is heightened.

“Right now, retirement goalposts can feel like they are being pushed further and further away, and savings and pensions can go neglected as attention is directed to household bills.”

Fidelity International last year reiterated the importance of saving where possible, but unveiled data shining a spotlight on how Scots’ own such plans were being hampered, with women in particular continuing to shoulder additional financial stresses overall.