Women over 50 not saving money into pension
A recent study shows that a record numbers of women over the age of 50 are not saving a single penny into a pension, adding to Britain's retirement crisis.
The report shows that one in four older women face a penniless retirement, or will be forced to work into their 70s because they don't have any other option.
If further reveals that the majority of Britons over the age of 18 are not saving enough money for a comfortable retirement, and this number has risen all the more sharply during the recession.
The survey was conducted by investment firm Scottish Widows and it shows that more than half of those who took part in the poll are saving too little every month, or saving nothing at all.
Last year, the majority were saving 'adequately', which means that they were putting aside 12% or more of gross earnings into a pension every month, or in a gold-plated final salary scheme. However, now the number in the 'safe zone' has dropped in just 12 months from 54% to 48%.
Ian Naismith, of Scottish Widows, said: 'Many people have just given up. It is a worrying sign that the group most vulnerable when it comes to retirement savings is women over 50.
There is a very real possibility that many will end up living in poverty or faced with debt problems.
Given the uncertain economic times and the threat of a double-digit recession looming in the near future it becomes imperative for the people of all age groups to save for retirement and avoid falling into debt by over spending.
For those already in debt, it is advisable to seek debt advice to understand the options they have to deal with their loans. Further, studies have also revealed that the number of people declaring bankruptcy achieves a new record every quarter. People in debt need to realize that bankruptcy could result in their losing their homes and other valuable assets and so they should seek debt advice to understand other options such as IVA (Individual Voluntary Arrangement) to clear their debt.
If you are in debt, you can also be harassed by debt collection agencies, which would mean your peace of mind would also be taxed. No matter how big or small your loan, remember there are debt solutions and debt consolidation loans that can help you pay it off. To understand these options, you can seek free debt help from reputable debt management companies.
The report shows that one in four older women face a penniless retirement, or will be forced to work into their 70s because they don't have any other option.
If further reveals that the majority of Britons over the age of 18 are not saving enough money for a comfortable retirement, and this number has risen all the more sharply during the recession.
The survey was conducted by investment firm Scottish Widows and it shows that more than half of those who took part in the poll are saving too little every month, or saving nothing at all.
Last year, the majority were saving 'adequately', which means that they were putting aside 12% or more of gross earnings into a pension every month, or in a gold-plated final salary scheme. However, now the number in the 'safe zone' has dropped in just 12 months from 54% to 48%.
Ian Naismith, of Scottish Widows, said: 'Many people have just given up. It is a worrying sign that the group most vulnerable when it comes to retirement savings is women over 50.
There is a very real possibility that many will end up living in poverty or faced with debt problems.
Given the uncertain economic times and the threat of a double-digit recession looming in the near future it becomes imperative for the people of all age groups to save for retirement and avoid falling into debt by over spending.
For those already in debt, it is advisable to seek debt advice to understand the options they have to deal with their loans. Further, studies have also revealed that the number of people declaring bankruptcy achieves a new record every quarter. People in debt need to realize that bankruptcy could result in their losing their homes and other valuable assets and so they should seek debt advice to understand other options such as IVA (Individual Voluntary Arrangement) to clear their debt.
If you are in debt, you can also be harassed by debt collection agencies, which would mean your peace of mind would also be taxed. No matter how big or small your loan, remember there are debt solutions and debt consolidation loans that can help you pay it off. To understand these options, you can seek free debt help from reputable debt management companies.
