OVER 50 FEMALE FINANCES FACE TRIPLE BLOWFriday 3 August 2012
Women have lower earnings, smaller state pensions and private pensions than men. Dr Ros Altmann, Director-General of Saga comments on Metlife research into male vs female earnings:
OVER 50 FEMALE FINANCES FACE TRIPLE BLOW
"The big earning gap between men and women remains and this is a very ominous sign for women's future pensions. With more women being single when retiring, they will not be able to rely on a partners pension. However, their lower earnings mean they cannot save as much for themselves as men can do.
"Often women care for others and must work part-time which also impacts on their saving for later life. It is vital that society deals with the problems caused for women when caring for others.
"Saga is particularly concerned, however, that women are also losing out in their State Pensions too. Women receive much lower State Pensions than men - which means female finances are facing serious future pressure. We can only hope that the radical reform of State Pension will propose a new system that will finally be fairer to women.
"Discrimination against women is now much reduced but unfortunately today's over 50 females are continuing to suffer from the effects of past unfairness."
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