Thursday 15 November 2018  3:31 PM  -  AM 55°F  - PM 59°F    5-Day Forecast   







Hello Egy
Women face £30k less in pension pots than men as their retirement savings fall even further behind



 By Becky Barrow and Tanya Jefferies

The scale of the retirement crisis faced by women is laid bare by a report showing a 30-year-old female will end up with almost £30,000 less in her pension pot than a man when they reach 65.

The gap between what men and women are saving for old age has widened by 10 per cent over the past year as women are hit harder by the economic downturn, according to a report by pension giant Scottish Widows.

It also found one in four women were not putting any money into a pension, compared with a fifth of men.

Women traditionally find it harder than men to save for the long term because they are more likely to work part-time or have a full-time caring role for children or relatives.

But they are also prioritising living expenses and paying down debt over saving for retirement in the current tough economic climate, the poll of more than 5,200 adults showed.

It revealed that women are also more likely to 'save for a rainy day' rather than for retirement - meaning they regard savings as a pot to dip into to cover unexpected costs not as a fund to be ring-fenced and protected for the future.

One bright spot was that women who are already saving into a pension were reluctant to cut contributions.

Faced with a 10 per cent fall in income, most would cut spending on food, clothing and going out first, and only 3 per cent would cut their pension contributions, the survey found.

Lynn Graves, head of business development at Scottish Widows, said: 'The recession has had a major impact on people’s attitudes to managing their finances, as the messages to "live within your means" have been hammered home.

'While women are right to focus on making sure their debts are manageable, other sacrifices may need to be made to ensure retirement planning is in place.'

The Scottish Widows report also warned that women face being forced to work into their 70s because they cannot afford to stop.

It warns of ‘a disconnect between the age at which women would like to retire and when they believe they will realistically be able to’.

When asked when they would like to retire, the most popular choice was 60.

But with the state pension age being increased this is unlikely for millions of women who have no private or company pension. The state pension age is rising to 66 by 2020 and to 67 by 2028 and will continue to go up.

Lynn Graves, head of business development at Scottish Widows, said women are penalised by the fact that many stop work when they become mothers or switch to part-time work which may not offer a pension.

‘Important differences in lifestyle mean women often find it more difficult to save for the long-term and retirement,’ she said.

Many women said they were relying on their husband or partner to fund their retirement, but according to the report there is ‘little communication’ between the two on the subject.

It warns of the dangers of this approach, particularly if the relationship collapses. Many women will be left with a poorer pension, or no pension, after they divorce.

The report has been issued as new rules, which came into operation on October 1, force bosses to pay into a pension for their workers for the first time.

The pensions revolution is designed to solve the problem, which particularly hurts women, of not building up a pension.

Over the next five years, up to 11million workers will be automatically signed up to a pension if they are between the age of 22 and state pension age and earn more than £8,105 a year.


dailymail












By: manager Date Added: 2012-11-24 Comment: 0 Views :1839

  Related Links
Barbie in the real size of American teen girl
Curvy CBB star Claire Richards announced as ambassador for plus-size fashion brand
Royal scandal .. Kate and William in the bathroom
Strict diet to save the hugest cat in the world
Lady (and gentleman) in red: Kate and William colour-coordinate as they pledge support for injured former players at rugby match in Cardiff

Name :
Email :
Comment :


Egypt to issue certificates to finance Suez Canal on Monday
Egypt to issue certificates to finance Suez Canal on Monday
The “Beard Girl” wins The Eurovision
The “Beard Girl” wins The Eurovision
Egypt: Detained Al Jazeera journalists and others face criminal trial
 Egypt: Detained Al Jazeera journalists and others face criminal trial
Yemeni Nobel Peace Prize winner barred from entering Egypt
  Yemeni Nobel Peace Prize winner barred from entering Egypt
Egypt condemns Iranian "interference" after army ousts Mursi
 Egypt condemns Iranian  interference  after army ousts Mursi
Egypt orders arrest of Brotherhood leaders
Egypt orders arrest of Brotherhood leaders
How to oust a president, Egyptian-style: Part Two
 How to oust a president, Egyptian-style: Part Two
Four Egyptian Shi'ites killed in attack by Sunni Muslims
 Four Egyptian Shi'ites killed in attack by Sunni Muslims
Egypt parliament ruled illegal, but to stay on
Egypt parliament ruled illegal, but to stay on
Ethiopia diverts Nile for huge $4.7 bln hydro dam
 Ethiopia diverts Nile for huge $4.7 bln hydro dam
Militants release seven Egyptians kidnapped in Sinai
Militants release seven Egyptians kidnapped in Sinai
Egypt's army blocks roads in Sinai in hunt for kidnappers
 Egypt's army blocks roads in Sinai in hunt for kidnappers
Protesting Egyptian police block Israel border crossing
 Protesting Egyptian police block Israel border crossing
Gunmen storm Egyptian security post in lawless Sinai Peninsula
Gunmen storm Egyptian security post in lawless Sinai Peninsula
Gunmen kill alcohol seller in Egypt's Sinai
 Gunmen kill alcohol seller in Egypt's Sinai
Egypt condemns Israeli attack on Syria
 Egypt condemns Israeli attack on Syria

  Most Read
Story harem Al- Sultan from top to prevention
Story harem Al- Sultan from top to prevention
An interview with Mohamed ElBaradei, who hopes for reconciliation in Egypt
An interview with Mohamed ElBaradei, who hopes for reconciliation in Egypt
Gaddafi… Secret Room to Check Girls before Raping
Gaddafi… Secret Room to Check Girls before Raping
Brave English bulldog Hugo adopts a Bengal tiger, a white lion and ALL thei
Brave English bulldog Hugo adopts a Bengal tiger, a white lion and ALL their tiger cubs in experiment by South Africa vet
Egypt tourist arrivals rise, not back to pre-revolt levels
 Egypt tourist arrivals rise, not back to pre-revolt levels
Four Egyptian Shi'ites killed in attack by Sunni Muslims
 Four Egyptian Shi'ites killed in attack by Sunni Muslims
Millions flood Egypt's streets to demand Mursi quit
Millions flood Egypt's streets to demand Mursi quit
Immigration bill backers thwart conservative amendments
Immigration bill backers thwart conservative amendments
Malala: 'I'm feeling better' after skull surgery
Malala: 'I'm feeling better' after skull surgery
Egypt militants planned to hit US and French embassies -MENA
 Egypt militants planned to hit US and French embassies -MENA
How to get the best deals on Cyber Monday
How to get the best deals on Cyber Monday
Turkey rules out early polls, thousands defy call to end protest
 Turkey rules out early polls, thousands defy call to end protest
Angelina Jolie stunt double sues News Corp over hacking
Angelina Jolie stunt double sues News Corp over hacking
Samantha Cameron Wears A Red Wig And Bakes Cakes For Comic Relief
Samantha Cameron Wears A Red Wig And Bakes Cakes For Comic Relief
'No Nile, no Egypt', Cairo warns over Ethiopia dam
 'No Nile, no Egypt', Cairo warns over Ethiopia dam
Google's long-awaited 'smart' glasses will go on sale THIS year for $1,500
Google's long-awaited 'smart' glasses will go on sale THIS year for $1,500

American, Italian hostages inadvertently killed in U.S. operation- Obama
 American, Italian hostages inadvertently killed in U.S. operation- Obama
Egyptian government faces blame in mob sectarian killing
 Egyptian government faces blame in mob sectarian killing
Egypt suspends tourist flights with Iran until June amid outcry by Sunni M
Egypt suspends tourist flights with Iran until June amid outcry by  Sunni Muslims
First commercial flight between Egypt and Iran for 34 years
First commercial flight between Egypt and Iran for 34 years
Shiv Sena knives: At the sharp end of Indian politics
Shiv Sena knives: At the sharp end of Indian politics
Cradle of Arab Spring goes up in flames as protesters fire-bomb Egyptian pr
Cradle of Arab Spring goes up in flames as protesters fire-bomb Egyptian presidential palace and youths torch cars at funeral of Tunisian leader
Malala: 'I'm feeling better' after skull surgery
Malala: 'I'm feeling better' after skull surgery
Egypt Army said to defy Morsi on use of live fire
Egypt Army said to defy Morsi on use of live fire
Third time lucky: Kate Winslet marries Ned Rocknroll in secret ceremony in
Third time lucky: Kate Winslet marries Ned Rocknroll in secret ceremony in New York and Leonardo DiCaprio gives her away
Fears of further violence in Egypt after opposition claims widespread fraud
Fears of further violence in Egypt after opposition claims widespread fraud in referendum that approved Islamist-backed constitution
'My daughters think Gangnam Style is cheesy': How the President does infamo
'My daughters think Gangnam Style is cheesy': How the President does infamous dance around the White House JUST to embarrass daughters Malia and Sasha
The future's bright for Victoria Beckham as she switches things up in a sty
The future's bright for Victoria Beckham as she switches things up in a stylish orange skirt suit for fashion talk
Cracks show in Republican unity on tax rates
Cracks show in Republican unity on tax rates
How exercise can help you get pregnant - and is especially important for I
 How exercise can help you get pregnant - and is especially important for IVF

A message of peace and compassion at Prophet Mohammad’s birth
 A message of peace and compassion at Prophet Mohammad’s birth
Egypt The Arabism ... Iraq The Ajam
 Egypt The Arabism ... Iraq The Ajam
Egypt charts a path toward growth and fiscal discipline
Egypt charts a path toward growth and fiscal discipline
The Autumn of the Islamist Preacher
The Autumn of the Islamist Preacher
Morsi trial: If a court can exemplify the divisions of a nation, this
Morsi trial: If a court can exemplify the divisions of a nation, this one did for Egypt
A Plea for Caution From Russia
A Plea for Caution From Russia
Egypt’s Three Revolutions
Egypt’s Three Revolutions
Egypt's repeat search for democracy
Egypt's repeat search for democracy
Turkey can't afford to spurn democracy
Turkey can't afford to spurn democracy
Empowered women make nations strong
Empowered women make nations strong
What Angelina Jolie forgot to mention
What Angelina Jolie forgot to mention
My Take: Don't lump evildoers with Muslims
My Take: Don't lump evildoers with Muslims
Negotiating change in the Islamic religious establishment
Negotiating change in the Islamic religious establishment
How We’ve Wasted Our Timeout
How We’ve Wasted Our Timeout


Egypt Exposes BBC “British Prostitution Corporation”
Egypt Exposes BBC “British Prostitution Corporation”
Medical Operational Status to Save the Fattest Kid in the World
Medical Operational Status to Save the Fattest Kid in the World
The prison sentence for the man who holed condom to force his girlfrie
The prison sentence for the man who holed condom to force his girlfriend to be pregnant
Sex .. Robbery .. Drugs .. The Most Famous Stars’ Lies
Sex .. Robbery .. Drugs .. The Most Famous Stars’ Lies
Signed Muhammad Ali rarities to hit U.S. auction block
 Signed Muhammad Ali rarities to hit U.S. auction block
Brave English bulldog Hugo adopts a Bengal tiger, a white lion and ALL
Brave English bulldog Hugo adopts a Bengal tiger, a white lion and ALL their tiger cubs in experiment by South Africa vet
Daredevil Saudi Arabian craze of 'sidewalk skiing' brings new meaning
Daredevil Saudi Arabian craze of 'sidewalk skiing' brings new meaning to the term 'off-road' as drivers flip car onto just two wheels as passengers cling on outside
The real-life 'Popeye' who has the world's biggest biceps... but is al
The real-life 'Popeye' who has the world's biggest biceps... but is allergic to spinach
Egypt's prosecutor general orders arrest of well-known satirist
Egypt's prosecutor general orders arrest of well-known satirist
The tunnel of love: Egyptian bride smuggled into Gaza via undergound p
The tunnel of love: Egyptian bride smuggled into Gaza via undergound passageway to marry her Palestinian groom
Child bridegroom: Eight-year-old boy marries 61-year-old woman after '
Child bridegroom: Eight-year-old boy marries 61-year-old woman after 'dead ancestors told him to tie the knot'
Case of N.Y. cop accused of cannibalism plot goes to jury
Case of N.Y. cop accused of cannibalism plot goes to jury
China imprisons four men for 'ghost marriage' corpse bride trafficking
China imprisons four men for 'ghost marriage' corpse bride trafficking
A loud crash, then nothing: Sinkhole swallows Florida man
A loud crash, then nothing: Sinkhole swallows Florida man

Syrian refugees top 3 million, half of all Syrians displaced - UN
Syrian refugees top 3 million, half of all Syrians displaced - UN
Chemical weapons watchdog wins Nobel Peace Prize for Syrian mission
Chemical weapons watchdog wins Nobel Peace Prize for Syrian mission
Events in Egypt may influence, won't define Syria war
Events in Egypt may influence, won't define Syria war
Syria says rebels would take years to match army's strength
Syria says rebels would take years to match army's strength
Syria's Islamists seize control as moderates dither
Syria's Islamists seize control as moderates dither
Syrian rebels launch attack to block northern highway
 Syrian rebels launch attack to block northern highway
Syrian jets strike, rebels await U.S. weapons
 Syrian jets strike, rebels await U.S. weapons
If U.S. does not arm Syria's rebels, Arabs, Europeans may
 If U.S. does not arm Syria's rebels, Arabs, Europeans may
France says Syrian war at "turning point", mulls arming rebels
 France says Syrian war at  turning point , mulls arming rebels
Syrian forces capture final rebel stronghold in Qusair region
Syrian forces capture final rebel stronghold in Qusair region
Syrian army captures strategic border town of Qusair
 Syrian army captures strategic border town of Qusair
No safe way out as Syrian forces grind down besieged Qusair
 No safe way out as Syrian forces grind down besieged Qusair
Red Cross still pushing for access to besieged Qusair in Syria
 Red Cross still pushing for access to besieged Qusair in Syria
Russian fighter jets headed to Syria, which asks for more
 Russian fighter jets headed to Syria, which asks for more

Meet the Man Who Sold a Month-Old App to Dropbox for $100M
Thought Experiment: Build a Supercomputer Replica of the Human Brain
The Rise of the Term \'Glasshole,\' Explained by Linguists
Forks Up! What It\'s Like To Dine At Disneyland\'s Super-Exclusive Restaurant
CityScan: the dystopian technology that could make breaking the law impossible
Real-life Houses That Look Like They Belong in the Shire
Heeeelp! Nigerian model has her own Naomi Campbell moment as she goes flying on catwalk
Victims in Boston Face a Difficult Path to Recovery
In Search of Terroir, His Ear to the Ground
Living With Cancer: Living Without Hair
One photographer\'s journey inside Iran
The Most Dangerous Countries for Tourists, in Maps
How the Chess Set Got Its Look and Feel
Why silly speculation about the 2016 presidential race can do some real good.
The Nocebo Effect: How We Worry Ourselves Sick
The 25 Best-Paying Companies For Software Engineers
The Secret World of \'Garbagemen\'
So Today I Learned that France built a Replica of Paris in WWI

  Find us on Facebook

  Find us on twitter

Scroll through for the most amazing stories from around the globe
Nancy Comes Back to Zero
“The Watermelon Queen”
Terrifying adventure of
bing the tallest buildin
Our little pony! Miniatu
orse Mr P lives in house
Police visited Kidnapper
house in 2004
NRA seeks to highlight
armed women
Chechnya country fear
Britney Spears jets out
New Orleans in Daisy
inmate stashes phone in
tum
Commuters leave their t
ers at home
Doctors treating patient
at addiction
More men fatter lose hal
ight
The tallest girl : my Bo
end like my son
top site