Are women planning less for retirement?
Nearly 20% of women nearing retirement age do not currently have any private pension savings and will have to rely on the state pension, according to the LV State of Retirement Report 2014.
The report, which surveyed 1,538 adults over the age of 50 in the UK, found that only 12% of men will have to rely solely on their state pension at retirement. It also found that while 30% of women expect to work longer than previously anticipated, only 23% of men do.
The findings highlighted the importance of saving for retirement as the average annual pension income, including state pension, is £8,774, compared to the average annual salary of £25,480.
Almost half of those participating in the survey said that they had grown more concerned about their financial situation over the past year, with reasons including the rising cost of living and the cost of funding old age.
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