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Pension saving levels among women hit 15-year high

Pension saving levels among women have hit a 15-year high, according to research from Scottish Widows.

YouGov polled 5,036 adults on behalf of Scottish Widows earlier this year and found that 57% are saving enough for retirement.

Average savings among women have increased by 4.6% since 2007/08, equating to an extra £5,900 in retirement income.

The number of women saving into a pension has grown by 14.6% over the last 15 years, outstripping participation levels (8%) among men.

Despite that, the average man benefits from an extra £78,000 in their pension pot at retirement.

Jackie Leiper, distribution director at Scottish Widows, said:

"We've come a long way, but 15 years later there's still an unacceptable gap between men and women and a series of reforms that allow for a more tailored approach to saving is needed.

"Increased default savings levels, improving the scope of auto‐enrolment and managed access to pension savings to support a first home deposit or to overcome a period of financial hardship are just some of the ways we can make a real difference.

"By doing so, we can ease the financial stresses that disproportionately impact women, such as those that go alongside life events including starting a family and buying a first home."

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