Gender pension gap revealed as women twice as likely not to save for retirement

LONDON - FEBRUARY 27: An elderly man handles in his pension book at the post office February 27, 2003 in London. Although employees' contributions to pensions have risen by about 25 percent, he UK faces a pension crisis as employers have justified higher investment costs against contributing to pensions. Trade unions have become very concerned following the closures of many plans that would have guaranteed a fixed income upon retirement. (Photo by Graeme Robertson/Getty Images)

Women in the UK are twice as likely as men to not save for retirement, new research has revealed.

One third of British women have no pension plan, against only 17 per cent of men.

Meanwhile, 41 per cent of these women do not intend to ever set up a pension plan. And 17 per cent say they will wait until turning at least 40.

One in ten said they will wait until after their 50th birthday to start saving.

“It’s understandable that people are opting to focus on their financial needs today, such as getting on the property ladder, as opposed to financing their needs in retirement when they stop work,” said Adrian Lowcock, the head of personal investing at Willis Owen which commissioned the poll.

It shows clearly the pension gap between men and women.

Women were four times more likely to say their partner will fund their retirement. Meanwhile 14 per cent of women and 24 per cent of men say they will never retire.

“It’s alarming to see so many people without pension plans, or who have stopped paying into them,” said Lowcock.

“Not only are they missing out on generous tax benefits provided by saving into pension schemes, the reality for many of them is that they will never be able to stop work and enjoy a retirement.”