- 23
- May
An increasing amount of women could be set to develop debt management difficulties in later life, it has been suggested.
According to research conducted by Prudential, some 60 per cent of working age females are not making contributions into a pension scheme.
With 46 per cent of men reported to be not making any savings, it is possible that more women could develop problems handling their finances and making repayments on personal Loans and other forms of borrowing as they get older.
Managing director of retail, life and pensions Gary Shaughnessy said: "Women are the underclass when it comes to pensions."
He added that as more people live alone and divorces are at "high levels" consumers cannot afford to "rely on partners for their retirement finances".
Mr Shaughnessy added that as it is "never too late to start saving for retirement" those concerned about their future financial situation should start planning.
The study also revealed there is a gap of some 22 per cent between the amount regular male and female savers put away every month.
Meanwhile, figures from the Consumer Credit Counselling Service indicate those over the age of 60 are facing the fastest growing money problems in the country.
Some one in four people in the age group have an average outstanding mortgage debt of £31,000, indicating a difficulty to make repayments on home and Secured Loans.
Interfinancial providing you with breaking debt management news.
