Women 'spurning pension saving'

Half of women over the age of 40 say they are relying on their partner's pension and state benefits to pay for their retirement, a survey suggests.

As many as 28% of women in this age bracket said their partner's pension would be their main source of income on retiring, according to insurer Prudential.

A further 22% of women said they would fall back on the state pension and other Government benefits to help them live once they stop working.

Just over a third (35%) of women said they have made, or plan to make, sufficient pension contributions to ensure a private or company scheme will support them.

Despite more than a quarter of women relying on their partner to provide for them during retirement, 34% of these admitted they did not know the details of their other half's pension.

Women currently have far lower retirement incomes than men, receiving an average of £12,200 a year through state and private pensions, compared with £19,600 for men, and the research suggests this gap is set to remain.

Vince Smith-Hughes, head of pensions development at Prudential, said: "Relying on someone else's pension and savings and the meagre amount provided by the state to support you in retirement is an extraordinarily risky strategy."

Disclaimer

All content is for informational purposes only and is the opinion of the author. Nothing on this website should be interpreted as "advice". Money Dashboard Ltd make no representations as to the accuracy, completeness, suitability or validity of any information on this site and will not be liable for any errors or omissions or any damages arising from its display or use.

Get started today with Money Dashboard

Money Dashboard will help you discover where your money is going, start saving and plan for the future - for free

Related articles

Download app