The Press and Journal (Inverness, Highlands, and Islands)
Women prepare for the future
New research findings suggest women in the UK are better prepared for the future than ever, with 57% now saving enough for their retirement – the highest proportion recorded in 15 years.
The 15th annual Scottish Widows Women and Retirement Report shows average savings among women are up 4.6% since 2007-08, equating to an additional £5,900 in income every year of retirement.
The number of women contributing something to a pension pot has risen by 14.6% over the past 15 years, far outstripping the rise in participation among men (8%) during the same period.
Despite this progress, the gender pay gap means men are still putting away more money overall – benefiting from, on average, an additional £78,000 in their pension pot at retirement.
This is the equivalent
Savings among women are up 4.6% since 2007-08
of 2.5 times the average household disposable income in the UK.
Scottish Widows said significant progress had been achieved thanks to auto-enrolment, but several groups of women remained under-prepared for retirement.
Lower to middle earners, for example those working in supermarkets, call centres, nurseries and care homes, have seen the smallest improvements in savings rates over the past decade, the report said.
Jackie Leiper, distribution director, Scottish Widows, said government reforms delivering a more tailored approach to saving would help to “ease the financial stresses that disproportionately impact women”.