Women must kick-start their savings, claims Scottish Widows pensions

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Women must kick-start their savings, claims Scottish Widows pensions

Wed 21st Jul 2010

Scottish Widows pensions has called on women to put more money into their retirement savings strategies.

Head of pensions market development at the company Ian Naismith noted that there is a demographic - women over 50 - who need to re-engage with their savings, since they are currently disillusioned, according to the firm's research.

In his view, it is vital to help such ladies and persuade them that even modest amounts of money deposited into pensions will make a difference when it comes to retirement.

A study by Scottish Widows pensions shows that just 38 per cent of women in this age group are saving adequately for their life after they finish work.

"They are disillusioned and are resigned to working right through their 60s and facing a large reduction in income when they retire," remarked Mr Naismith.

Last month, the company announced that its pensions index is currently down by six per cent compared to last year and stands at its lowest level since 2006.

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