Car and home insurance policies are 'essential' to retirement plan

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Car and home insurance policies are 'essential' to retirement plan

Matt Ward, wealth management consultant at Defaqto, said that many female retirees were part of a pensions gender gap and required assistance particularly with the details of their car and home insurance policies.

Mike Powell, insight analyst for general insurance at Defaqto, added: "Mum's car is an essential accessory nowadays. Check her policy to make sure she's got a courtesy car and that it is the right size for her needs."

Research undertaken by GfK/NOP showed that 21 per cent of women were saving for retirement and 13 per cent were confident their future income would meet their needs.

It was also revealed that 22 per cent of female pensioners would be relying on their spouse's retirement income.

The Liberal Democrats recently announced that 71 per cent of female pensioners did not have £8,000 in housing assets.

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