Women over 50 ‘give up’ on pensions saving

Many women over 50 have ‘given up’ saving for retirement due to the recession, according to research by Scottish Widows.

In research for its fifth annual UK Pensions Report, the pensions provider found that one in five (22%) women over 50 are now saving nothing towards their pension.

This is up from 14% a year ago, and represents an increase of 57%.

According to Scottish Widows, this reflects a widening gender and age divide in pensions savings.

Overall, pensions saving has increased since last year, and is up 8% compared to the lows of 2006.

However, just 47% of women are saving adequately for their pension, compared to 59% of men.

The over 50s, meanwhile, are the most likely to have cut their savings in the last year, with 21% having done so.

More than a third (35%) of those over 55 said the economic downturn has affected their retirement savings.

Scottish Widows said the figures suggest women over 50 have ‘given up on pensions savings altogether’.

“There is still more that needs to be done from both the Government and the industry to better encourage pensions savings for the long term,” said Ian Naismith, head of pensions market development at Scottish Widows.

“With 19% of those that should be saving putting aside nothing at all there is still a big challenge ahead,” added Naismith.

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