Half of all women lack provision for retirement

A recent report from the Scottish Widow's pensions has found that only 47 per cent of all women have been able to put money aside for their retirement. One quarter of women are saving nothing at all, according to the Mail online.

However, 59 per cent of men are managing to save the recommended 12 per cent of their income.

It seems that the larger the family a woman has the harder it is to put money away for retirement. Only 25 per cent of those with three children or more owned to saving nothing.But women over 50 say they feel "worse off" due to difficulties caused by the recession.

The report confirms that those working in the public sector are better off as an increasing number of firms are closing their final salary schemes.

Spokesman for Scottish Widows Ian Naismith said: "'We have consistently seen groups such as women and the self-employed falling behind when it comes to pensions savings.

'The impact of the economic downturn is likely to make these groups even more vulnerable when saving for retirement."

Mr Naismith went on to say that these factors shouldn't deter people from putting something away for their future "so that they can enjoy their retirement."

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