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Women urged to check savings

Women have been advised to ensure that they have savings in place and should budget and use savings vehicles just as frequently as men do, it has been claimed.Susan Hannums, savings manager for financial advisers AWD Chase de Vere, explained that while inequalities in pay and the need to take maternity leave may cut into the ability for some women to save, generally "women are certainly very independent when it comes to their money these days".Her comments come after a recent report from the Fawcett Society warned that women are likely to struggle financially for a longer period following a divorce than men, as women are less likely to have savings in place.The research found that mothers' saving rates drop by 11 percentage points in the first year after their first child while fathers' fall by just four percentage points."The advice for men and women would be exactly the same: the main thing for anybody is to draw up a budget first of all to work out what you can afford to save," Ms Hannums concluded.

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