The Scottish Widows survey also found that over a quarter of women were saving nothing at all for retirement – 26%, compared to 23% last year. Only 19% of men surveyed said they were not saving for retirement.
Female respondents reported other spending priorities, such as debt repayment and living expenses. Graves noted a ‘rainy day’ attitude to pensions saving, viewing pensions savings as a pot of money to dip into for unexpected costs as opposed to a fund to be ring-fenced and protected for the future.
Read the full Women and Pensions Report or find out about other trends and hot topics in pensions.