Women over 50 not saving enough for pension

Women over 50 years old are least likely to be saving enough for retirement, as the overall number saving falls to its lowest for four years.

The annual Scottish Widows Pension Report found just 48% of people are saving enough, the Telegraph has reported, down from 54% in 2009. One in five (21%) who could be saving are failing to do so.

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According to the report, the recession has caused people to become disheartened about saving into a pensions scheme. Among women over 50, just 38% are saving enough this year, down significantly from 52% last year.

Ian Naismith, head of pensions market development at Scottish Widows, said: “I think many women of that age have lost confidence in saving generally and have the attitude of ‘why throw good money after bad’. The worry is that by this stage they have left it too late to save enough for their retirement.”