Women in the UK are facing a retirement in poverty as more than half questioned in a survey admitted they are failing to save anything for a pension.
According to Barclays Financial Planning, 52% questioned said they are not contributing to a company or a personal pension. However, more than two thirds of women expect to carry on their current lifestyle in retirement, despite the savings gap.
Men save more money for their pension, averaging GBP73 a month compared to GBP35 a month for women. To compound the problem, one in five women do not qualify for the full basic state pension as time out from working to raise children results in National Insurance contribution gaps.