Prudential: Women in pensions "underclass"

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Prudential: Women in pensions "underclass"

Wed 23rd May 2007

Women are not managing to save effectively enough for their pensions, new research carried out by Prudential has found.

The group has found that some 60 per cent of working age women are not contributing to a work or personal pension scheme, compared to less than half of men.

Women who are saving for their financial futures are managing to keep back an average of £236.54 a month, compared to £304.56 for men.

On this basis, Prudential has calculated that the average women will accrue £42,577 over their working life, which will provide an estimated annual income of £3,000 in retirement.

Prudential figures also estimate that one in five women have no additional means of saving for their retirement, compared to just one in ten of women.

Gary Shaughnessy, managing director of Prudential retail life and pensions, described women as being in an "underclass" when it came to pensions.

"Women clearly play a vital role in the workplace but this is not being reflected in the pensions they can expect," he said.

He added: "However, this doesn't mean everyone should forget about saving and planning for their retirement as it's never too late to start saving for retirement."

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