Men Prioritise Saving for Retirement, Whilst Women Place More Importance on Paying Off Debt
35% of women believe they will continue to work past the age of 70 in comparison to just 29% of men. Regardless of this extra measure, only 33% of women feel confident they have enough resources to live comfortably throughout retirement compared to nearly half of men (49%) according to research from LifeSight,
Despite the lack of confidence women have in the adequacy of their retirement resources, the research* finds that saving for retirement is still not one of their top five financial priorities. Women instead focus on the general costs of day to day living (73%), housing costs (60%) general savings (58%) and paying off debt (45%).
47% of women agree that their employer's retirement plan meets their needs, compared to a slightly higher figure for men (51%). Yet, a work retirement plan is the primary means of saving for retirement for 74% of women, in comparison to just 66% of men. This suggests that, in spite of recognising their work retirement plans might not be sufficient, women are more reliant on them for retirement income than men, who are more likely to have other sources of income in retirement.
However, there are tools in the wider financial market that could be used to help women better understand their retirement savings that are not currently utilised by the pensions sector. The research showed that only a third (35%) of people use the internet or mobile apps to access information on their retirement plans, compared to over two-thirds (69%) for banking or credit cards and half (49%) for savings and financial investments. Yet, the use of mobile apps could simplify pension fund information, and make retirement savings more accessible for busy women with varying financial concerns.
Hayward went on to say: "
About the research
*Retirement Expectations is part of the 2017-18
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LifeSight is an independently managed and fully outsourced DC pension solution for the
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