Meanwhile, according to Scottish Widows’ ‘Women & Pensions Report’, 43% of women will rely on joint savings with their partners in order to fund their retirement. Only 17% of women believe their own savings will be sufficient to fund their retirement, compared with 30% of men. Yet one in three UK marriages now end in divorce within 15 years and so it is important women take charge of their own retirement plans. After all, alongside accepting the inevitability of old age, we should also accept the possibility of unforeseen events.
At the same time, women are saving an average of £776 a year less than men for their retirement. Scottish Widows calculates a 30-year-old woman who maintains this average annual rate of saving will save £29,800 less than her male counterpart by the age of 65. More worrying still, 26% of women are saving nothing at all for their retirement, compared with 19% of men.
Of course, it is not always easy to plan for the future, particularly in an environment of rising prices. Pressure on household budgets can make it a challenge to find additional cash that can be earmarked for retirement. Nevertheless, it is worth reviewing your current expenditure to see how your lifestyle would be affected by retirement. Most of us have a finite number of years in which to put aside money for our old age and it is never too soon to start.
Above all, you need to plan early to allow yourself as much time as possible to build your nest egg. Take control of your future – your financial adviser can help you to develop a suitable long-term savings strategy for you. The only thing you cannot afford to do is nothing.
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