Almost half of women yet to retire do not have a pension plan illustrating a disturbing lack of concern for their future welfare, according to figures revealed by Baring Asset Management.

Alarmingly, 17 per cent of over 65s who are still working do not have a retirement strategy either and will be forced to become reliant on state funding in their coming years.

Marino Valensise, chief investment officer at Barings, said: “Our findings are very worrying. With the demise of defined benefit pension plans and the fact that life expectancy is increasing, people need to save more for their retirement and start sooner.

He continued: “However, our research suggests that increasingly, retirement will be seen as a luxury for people as opposed to a right, and many more will be forced to work beyond their 65th birthday in order to maintain their standard of living.”

The North West region of the UK was the worst off with 47 per cent of people without a pension plan. Wales had the lowest figure at 27 per cent.

The figures also highlighted that 12 per cent of people yet to retire, plan on using their property as their pension, up by four per cent from the same time last year.

One Response to “Half of women do not have a retirement plan according to Baring Asset Management”

  1. Mrs Coates says:

    I was widowed at the age of 44 and still had two teenage daughters living with me. Not long after this I was made redundant in my last part time job. I was born in 1955 and now work full time with the NHS as an clerical assistant (since 2001). I do have a pension with the NHS but it will not be enough to live on. I am a type 1 diabetic and have been since the age of 12. I have always looked after myself well but with long term diabetes it can cause problems as I get older. I have my own house but I will probably have to sell up. The more you do the less you are thought of. Even though we try to plan we are worse off than a lot of men.

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