- Wednesday, 3 March 2010Women may find themselves needing
IVA help in retirement due to their failure to plan accordingly.
New research by Standard Life reveals that 38 per cent of women in comparison to 50 per cent of men are planning for retirement, essentially leaving them open to financial risk.
Women are less than half as likely to have a personal pension as men, and twice as likely to admit they have a limited idea of the concept, states the study.
Mark Polson, head of customer management at Standard Life, said women "will most likely" live longer than men, but generally do not plan ahead in terms of their future finances.
This has led to the creation of a pension income gender gap, said Mr Polson.
"It's just not enough for a woman to rely on their partner's pension plans and by not taking control of their own future, they put their future income at risk," he said.
"We are asking women to reality check their long-term plans now to secure the future they hope for themselves."
The recent Real Retirement Report by Aviva reveals that 40 per cent of people aged 50 to 64 are saving nothing in preparation for retirement, and one fifth still owe more than £75,000 on their mortgage.
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