Working women need to plan their finances more effectively, especially when it comes to pensions, ...
Working women need to plan their finances more effectively, especially when it comes to pensions, according to a report by the Financial Services Authority.
The report, "Women and personal finance: the reality of the gender gap" shows that just 27% of married women have a pension, compared with 47% of men.
Women who are not paying into pensions and are at, or approaching, retirement age, will be financially disadvantaged, according to the report.
Christine Farnish, consumer relations director for the FSA, said: "Growing numbers of women are financially independent and more are planning their finances but pension ownership is still significantly low. Stakeholder pensions may help women because you can pay into one even if you're not working."
Margaret Jay, minister for women, said: "Women experience more changes to their earning power than men when they take breaks from work or shift to part-time work to bring up their children.
"They need to plan for these changes in their earnings and the financial services industry needs to provide them with reliable advice and flexible financial products."
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