The Financial Services Authority says a growing number of working women need to plan their financ...
The Financial Services Authority says a growing number of working women need to plan their finances more effectively, especially with regard to pensions.
Among the findings of the FSA's report, "Women and personal finance: the reality of the gender gap" it was found that only 27% of married women have a pension, compared with 47% of married men.
The FSA's Consumer Relations Director, Christine Farnish, said: "The report highlights the importance to women of planning their finances from an early age, in order to cope with developments, such as career breaks for raising families, that fall disproportionately on women."
Farnish added: "The bad news is that pension ownership is still significantly lower among women than men. Stakeholder pensions may go some way towards helping women in this respect, because they offer, for the first time, a pension option to non-workers. But there is no escaping the fact that some women, particularly those at or approaching retirement age, will remain disadvantaged."
The FSA was, however, encouraged by findings that women and men in similar social positions and roles have similar levels of ownership of financial products.
Women in full-time employment own an average of seven financial products, compared to 7.2 for men, and 10% of women in households with an income under £9,500 had no financial products, compared to 11% of men.
"Women and personal finance: the reality of the gender gap" is available on the FSA website at www.fsa.gov.uk.
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