Women in the UK are leaving themselves dangerously exposed to financial risk in later life, with many relying on their partners to look after financial planning, HSBC Insurance has warned. Plus other news.
According to HSBC Insurance’s The Future of Retirement report, It’s Time to Prepare, more than two in five British women aged between 30 and 59 years (42%) are living in fear of what their retirement might hold. It points out that many women in the 40s and 50s get divorced or widowed so leaving their finances in the hands of their partners leaves them exposed to risk.
The findings reveal that more women look after short-term financial concerns with almost a third (29%) solely managing the household budget, compared to 22% of men. Paying household bills and managing the household budget are causes of financial concern for 41% and 38% of women respectively, compared with 31% and 29% men. However, men are far more likely to be concerned with long-term financial planning than their female counterparts (23% of men compared to 15% of women), leaving women at greater financial risk.
The report highlights that twice as many women (17%) as men (8%) say they have done no retirement planning, while almost twice as many men (32%) as women (18%) feel very well prepared for the long term.
Christine Foyster, Head of Premium Wealth Proposition at HSBC, said: "Often women do not consider long-term financial planning early enough, leaving them at risk of being under-prepared in later life. There is also a tendency to have unrealistic expectations about how much to save and therefore to put saving off.
"It is important that women seek financial independence, actively engage with the financial advice process and do not leave all the financial planning to their partner. If women are concerned about their financial situation, it is worth seeking an individual review of their own
finances. For example, it may be financially beneficial to take out an individual pension product rather than to rely on joint plans."
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