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Women reveal retirement fears
5 September 2008 12:00
Female future retirees are markedly more worried about how they will cope financially after giving up work than their male counterparts are, according to a new survey.
Over half of all women aged between 45 and 54 are concerned to some extent that their incomes will not last throughout their retirements, Hartford Life's poll found, whereas less than half of all men of the same age are apprehensive about this.
Nearly two thirds of women in this age group are also worried about managing their funds in retirement, a fear shared by less than half of men that age, while a quarter of these females are afraid of switching to living on a pension, compared to one in six men.
Yet the credit crunch is stopping women from working to allay their retirement fears, as three in five female 45-to-54 year-olds think more about their day-to-day finances than their future income, as opposed to one in two men of that age who share this mindset.
Hartford Life's UK managing director Michael Rudge advised that having a pension product in place offers reassurance to women worried about retirement and urged them to seek the assistance of an independent financial adviser in planning for their futures.
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