Practically 1 in 2 ladies say they worry pension poverty

Practically 1 in 2 ladies over 50 say operating out of cash throughout retirement is certainly one of their largest monetary issues, in comparison with just one in 3 males of the identical age.

In response to a survey of over-50s by supplier SunLife, ladies over 50 are solely half as seemingly as males over 50 to don’t have any cash worries in any respect.

As well as, a 3rd of older ladies had been anxious about how their kids or grandchildren are coping financially, in comparison with lower than 1 in 4 males.

SunLife says that its survey of two,000 shoppers suggests general that girls over 50 are much more anxious about cash than males of the identical age.

SunLife’s Life Nicely Spent report surveyed greater than 2,000 individuals over the age of fifty. It discovered that 44% of ladies say that operating out of cash throughout retirement is without doubt one of the monetary issues that worries them essentially the most. Solely 36% of males have the identical concern.

Ladies over 50 are additionally extra anxious in regards to the present value of residing disaster – 8 in 10 (79%) stated rising prices had been a serious concern for them, in comparison with 7 in 10 (71%) of males.

Ladies are additionally extra anxious about paying for long-term care with 25% having issues in comparison with solely 19% of males).

General, simply 1 in 14 (7%) ladies over 50 don’t have any monetary worries in any respect – half the variety of males of the identical age who’re money-worry-free (15%).

Monetary Worries for over-50s

 Supply: Solar Life survey of two,000 shoppers over 50

SunLife’s research additionally discovered that whereas women and men over 50 had been equally more likely to have given a big money present to household over the previous 5 years (1 in 4), ladies had been extra more likely to have achieved so to assist household out.

Some 1 in 4 ladies have helped household following job loss or lowered earnings, in comparison with 1 in 5 males. And girls gave extra – £4,681 vs £2,585.

Of those that have gifted money, 25% of ladies over 50 gave cash to household following the beginning of a kid – gifting £2,522 on common in comparison with 20% of males who gave £1,464 on common.

The survey additionally revealed that of the 1 in 25 ladies over 50 who’ve launched fairness from their house, 19% did so to offer items to household, in comparison with 10% of males.

• A separate survey by the Pensions Administration Institute (PMI) discovered that girls had been most anxious about breaks in employment, primarily as a consequence of elevating kids, inflicting a considerably detrimental impression on their pension financial savings. The analysis additionally revealed that simply 36% of working ladies know the way a lot they’ve saved of their pension. The common pension financial savings for these ladies who do know the way a lot they’ve saved is £23,959. Solely 4% of feminine workers have saved greater than £55,000 in pension financial savings.