No pension plan for 47% of the UK’s women
Forty-seven per cent of women in the UK who are below retirement age do not have a pension plan.
The alarming statistic comes from Baring Asset Management, which also claims that more than one in five working adults aged 55 to 64 are lacking a pension pot, suggesting that the number of over 65s still working (currently one million) could increase dramatically.
Despite having been urged to start saving for retirement as soon as possible, four out of ten people aged 25 to 34 don’t have a pension plan, and the figure for those aged 35 to 44 is one in three.
On a regional basis, Barings’ research reveals that a 47% of people in the North West are minus a plan, the highest percentage for any part of the country, whereas the corresponding figure for Wales is 27%, the lowest for Britain.
Barings’ chief investment officer, Marino Valensise, comments: “Our research suggests that increasingly, retirement will be seen as a luxury for people as opposed to a right, and many more will be forced to work beyond their 65th birthday in order to maintain their standard of living.”
Category: Insurance News
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