Pensions gender gap widens as women reduce savings in recession

Women are ignoring warnings about the poor state of their pension savings, a report has found.

The report, Women’s pensions today and tomorrow, on research conducted by YouGov for pension provider Scottish Widows, found that worries about job insecurity and debt are causing women to fall behind men in terms of saving for their retirement, writes the Times.

According to the report, this year 59% of men are saving adequate amounts for their old age, compared with 47% of women, with the figure rising to 52% in women over 50.

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Ian Naismith, head of pensions market development at Scottish Widows, said: “During the economic downturn overall pensions savings have increased, but this is mainly among men, and the gender gap has actually widened.

“It is worrying that women over 50 are saving less than in previous years.”