Two-thirds of women aged between 50 and 59 admit that they are unsure of their retirement savings balance, according to new research from TPT Retirement Solutions.
Around 51 per cent of males in this age bracket also don’t know how much money they have saved for retirement. The study examines retirees’ level of readiness in their 50s.
Nearly 60 per cent of women in their 50s worry they are not saving enough for retirement despite not knowing exactly how much they have saved. According to the study, the average guy in his 50s has saved £17,014 more than the average woman among those who know how much they have saved.
According to TPT’s research, 71 per cent of women find it difficult to save for retirement because of growing energy costs. Nearly 66 per cent, or two-thirds, also had trouble keeping up with rising food costs, and 25 per cent, rising mortgage payments. As a result, according to the PLSA Retirement Standards, 48 per cent of women in their 50s do not anticipate being able to finance a reasonable retirement.
According to the study, many women would need to work longer hours in order to afford retirement because of the cost-of-living crisis. 47 per cent of women in their fifties anticipate continuing to work past age 65, often for an extra five years to fund retirement expenses.
TPT Retirement Solutions corporate services director Helen Taylor says: “Coping with the rising cost of living has become a major challenge for many people, and our research shows women are struggling more than men. While inflation and energy bills may fall later this year, the cost-of-living crisis is likely to have a long-term impact on how prepared people are for retirement. We believe that early planning for retirement can play a crucial role in easing the worries of savers.
“As most women in their 50s plan to retire in their mid-60s, they still have time to build their pension savings. However, the earlier you start increasing pension contributions, the easier it will be to build a more substantial savings pot. By providing a secure and sustainable source of income in retirement, pensions can help individuals and families plan for the future, manage their finances, and maintain a decent standard of living.”