Fiona Murphy looks at the issues faced by women coming up to retirement and asks if we need a different approach to advice.
According to the Scottish Widows 2013 Women and Pensions Report, overall women are saving "considerably" less than men at just £93 a month on average compared to £141 among men.
So why is this? Scottish Widows head of business development and corporate pensions Lynn Graves says: "We can see from all the statistics in our report that women are still at a disadvantage and a lot of that stems from a lack of understanding, what they perceive to be quite complex products, attitudinal differences and priorities we see coming out at different life stages."
The Pensions Advisory Service (TPAS) chief executive Michelle Cracknell agrees: "The bottom line is the pension needs of women are different with issues such as career breaks and behavioural aspects such as women's views of remuneration compared to that of their husbands.
"Divorce is also a relevant issue for women in terms of what their pension entitlements would be, in cases for example, where the husband keeps the pension and the woman keeps the house."
Do women still need more tailored financial advice around pensions or is that something that perhaps could be considered out of place in this day and age? It would appear not as Scottish Widow's recent report highlights how the role of carer - often taken on by women can affect pension planning.
According to the report: "Care responsibilities often take far more women from the workplace than men, which not only reduces or removes their income in the short to medium term, but can have knock on effects on their earning potential in the future, impacting short term savings and the value of both private and state pensions."
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