Female over-50s 'need to save more for retirement'

By Tom Farley, Thu 22 Jul 2010 - Published in Pensions

Most women aged over 50 are failing to save enough money for their retirement years, new research has suggested.

A report by Scottish Widows found that only 38 per cent of female over-50s are putting aside enough to offer them a good standard of living when they leave work.

Ian Naismith, head of pensions market development at the firm, commented: "It is clear from our research that there is a section of the population, largely made up of women over 50, who have become disengaged from pensions and savings."

Mr Naismith also claimed that this group of people believe they will have to work throughout their 60s and still face a large fall in income when they leave employment.

However, he suggested that the start of automatic enrolment could encourage younger women, who also show low interest in retirement saving, to start considering how to protect their financial futures.

Earlier this month, Hargreaves Lansdown pensions analyst Laith Khalaf stressed the importance of people increasing their pension contributions when they reach the age of 50.

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