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Women make pension errors
8 May 2008 12:00
While the number of women investing pensions has risen, according to a new poll, many still find reason not to save for retirement, often because of their own misconceptions.
The proportion of women contributing to a pension has climbed from less than two out of five in 2005 to more than a half now, HSBC's survey found, with the share not preparing for retirement at all falling from over three out of five to just one in three.
Yet there remain some worrying tendencies among this latter group, of whom a third are not saving into a pension as they are not working or only working part-time, while over one in four said they were too young and over one in five that they could not afford to.
Also, almost two out of five females wrongly thought they had to be working to invest in a pension and over half did not know their partner could make contributions for them, with more than two thirds unaware that they could also start one up on their behalf.
HSBC's Ian Martin expressed concern that some women are unnecessarily restricting how much they save for retirement, reiterating that they do not need to be in full-time employment or even to be earning themselves in order to keep a pension going.
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