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Young women should plan for their financial future

Young women should "look forward" when it comes to planning for their financial future - particularly if they may want to take time out from work to have children - AJS Wealth Management has advised.The firm's director Anna Sofat said that women should "make a small sacrifice for tomorrow" by saving small amounts each year for their retirement. A report from Scottish Widows revealed that just 41 per cent of women earning more than £10,000 a year currently contribute to a pension, compared with 54 per cent of men.As many as 35 per cent of women do not have any pension scheme at all, with an estimated 7.3 million are relying on their husband's pension to see them through retirement.Ms Sofat added that saving a small amount for the future became "meaningful and motivating" when young women realised that they would have to work until they were 68 to get a state pension. "If you just put five per cent of your salary away … [or] £300 or £400 a year … within 20 years you will have a nice lump sum," she said, adding: "You won't notice the pain, but if you leave it for 20 years you will have to put in 35 per cent of your salary. That will hurt."

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