Men 'have greater pension understanding'

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Men 'have greater pension understanding'

Mon 19th Dec 2011

British men appear to have a better grasp of the value of their pension plans than UK women, it has been revealed.

Research carried out by the Future Foundation for Friends Life showed that 59 percent of women are not presently saving for a pension, compared to just over half (52 per cent) of men.

Furthermore, 48 per cent of men were aware of where their pensions were invested at present, while just 37 per cent of women said the same.

"Women ... are failing to grasp the urgency of the looming pension crisis. This is borne out by our own figures, which show average pension contributions made by women have decreased in value," commented Martin Palmer, head of corporate benefits marketing at Friends Life.

The news follows comments by Andy Leggett, Defaqto's insight analyst for wealth management, who claimed the days of a one-size-fits-all approach to retirement saving are long gone and it is now important for Brits to have in place a bespoke pensions plan that factors in all of their present financial responsibilities and the individual's goals for retirement.

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