Women `may suffer from lack of retirement funds`

17 October 2008

Despite the fact that women have a greater life expectancy than men, they are currently contributing 50 per cent less to their pension funds than their male counterparts, new research suggests.

Produced by Fairinvestment.co.uk, the figures indicate that women contribute an average of £50 per month to their retirement investments, around £14 less than the average for UK workers as a whole and £50 less than the typical man.

In a warning to consumers, Fairinvestment.co.uk`s chartered financial planner Sharon Bratley said: "The problem we are facing ... is that life expectancy is on the rise and without adequate pension contributions, Brits are going to find themselves struggling to survive financially during retirement."

She added that, in order to avoid personal finance difficulties later in life - potentially including debt problems - women should begin saving as much as they can as soon as possible.

Recently, Age Concern stated that the government must step in to help pensioners struggling with their personal finances in the light of rising inflation.

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Gregory Pennington are founder members of DEMSA (Debt Managers Standards Association).

DEMSA are the first trade body within the finance industry to successfully secure approval for its code of practice under the OFT Consumer Codes Approval Scheme (CCAS).