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Savings rate for retirement falls amongst women

Scottish Widows has today introduced a survey into the pensions and savings market which suggests that more and more working women are failing to put aside sufficient savings for their retirement. Despite the fact that there has been a rise in the number of people putting money aside for their retirement, from 51% in 2008 to 54% this year, the split between men and women is not equal.

Apparently 59% of men in employment are saving at adequate levels for their retirement while just 47% of women are putting enough money aside for later years. Indeed there has been a fall in the number of women over 50 putting money aside, now 52% against 57% last year. While these figures may not seem substantial on the surface, when you consider reduced investment for the future, reduced investment returns and the increased cost of living, there will be problems ahead for many.

A number of the UK population are still under the impression that the state pension will support them in their later years when in reality the value of this income stream has been falling in real terms for some time - and will come under more pressure in the years ahead.

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