The Press and Journal (Inverness, Highlands, and Islands)

Women pre­pare for the fu­ture

- BY KEITH FIND­LAY Sexism · Women's Rights · Personal Finance · Discrimination · Human Rights · Society · Business · United Kingdom · Gender Pay Gap · Scottish Widows Bank

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”.

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