Norwich Union: Women need to save more for retirement

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Norwich Union: Women need to save more for retirement

Many middle aged women are failing to adequately save for their retirement, according to a new study.

Research by Mintel, for Norwich Union, found 45 per cent of women over the age of 50 to be relying on their partner's income in retirement, despite rising divorce rates.

In addition, only half have of this group have any sort of pension provision, and even though one in seven women will be a divorcee by the time they have retired.

Nigel Spencer, of Norwich Union, warned: "Women are increasingly becoming the poorer sex when it comes to retirement and it’s worrying to see this problem compounded due to rising divorce rates amongst the over 50s.

"Many women have sacrificed careers, and therefore their own pension, to raise their family and as a result, are being unfairly punished."

Women face the additional financial problem of having a longer life expectancy than men, requiring them to build up increased savings.

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