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Worry over Gender gap in Pension Savings

An investigation from Scottish Widows has revealed that on average women pay around £800 per year less than men into their pension pot. This has caused concern over their financial security after they retire.

While 12 months ago the gap stood at £700, a new study has revealed that it is now closer to £800. In all this difference may not seem that significant, but over a long period of time this could make a considerable difference to the final pension fund of a saver. It is estimated that should women maintain the current rate of saving, a 30 year old could experience a savings shortfall of 29,800 compared to a man, should she retire aged 65, according to Scottish Widows.

However this is a situation that for most women is unavoidable. As women are more likely to take up a role as a child carer, it is more common for them have a part time job than a full time role. Of course, one implication of this is that they are either unable to save, or only able to save a reduced amount into a pension fund.

The report also revealed that over 25pc of women are failing to make contributions to their pension fund, compared to 20pc of men.

Lynn Graves, head of business development of corporate pensions at Scottish Widows, explained that while women do find it more difficult to save, more must be done to ensure they have a sizable amount of savings for retirement. She said: “while women are right to focus on making sure their debts are manageable, other sacrifices need to be made to ensure retirement planning is in place”.

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