Saving for Retirement: the gender war
Women want to be treated more like men when it comes to fighting debt and coping with their finances.
Widowed pensioner Phoebe Brown feels that there should be more debt help available to women in her age bracket.
Loyal to her job, she worked for many years, but never earned enough money to be able to contribute towards a pension. She says that pensions were hardly mentioned in her day and as she had three sons to raise, there was never enough money left over for savings.
Phoebe now survives on State Benefits but feels that more should be done to allow women to save for their retirement, so as they do not fall into debt. She complains that in her day, there was no such thing as National Insurance contributions so she never had the option to save for a full State Pension and there was never the luxury of maternity pay.
Research shows that women are at a distinct disadvantage to men as they are unlikely to continue paying into a pension fund when they leave work to have a baby. They also suffer from a gender pay gap, with full-time workers receiving a significantly lower wage than their male counterparts. As a result, men are able to contribute more diligently towards their retirement, whereas women have very little left in the form of savings.
If debt is eating away at your salary each month and you desperately want to contribute towards a pension scheme, a debt management company will help to look at your finances and find a way of cutting the cost to your creditors each month. Thus, freeing you some capital to contribute towards your golden years.
Savings News posted on 03/09/2007 10:21:26
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