Only 42 per cent of women are currently saving sufficient funds for their retirement, according to a new report by pensions and savings company Scottish Widows.
By contrast 49 per cent of men are setting aside enough money, and this gender difference in gender savings habits has changed very little in the last decade, says the report.
The Women and Pensions report also reveals that women have an average of £30,000 less in retirement savings than men and that many women are prioritising mortgage and debt repayments over retirement savings. More than 25 per cent of women are not saving at all for their retirements.
The report also highlights the fact that:
“Many women are relying on their partners to fund their retirement but there is little communication between spouses or partners about how retirement will be paid for. This is a particular concern because women on average live longer than men and will continue to do so; a woman who is aged 65 in 2035 can expect to live until she is 90 and a man of 65 to 87 years of age.”