Two-thirds of women in their 50s don’t know how much is saved in their pension

Two-thirds of women don’t know how much they’ve got saved in their pension according to our research, which looks at how prepared people in their 50s are for retirement.

60% of women are worried they aren’t saving enough, blaming the rising cost of living on preventing them from saving more. Two-thirds (66%) are struggling with increasing food bills, 25% with higher mortgage repayments, and 71% say energy bills are a significant burden to saving into a pension.

Four in ten women (46%) expect to have to work for longer too, typically planning for an additional five years to cover the cost of retirement. As a result, almost half of women in their 50s (48%) don’t expect to be able to afford a moderate retirement, based on the Retirement Living Standards set by the Pension and Lifetime Saving Association.

Although 51% of men also admit to not knowing how much is saved in their pension, out of those who do know, the average man in his 50s has saved £17,014 more than the average woman.

Helen Taylor, Corporate Services Director of TPT Retirement Solutions, 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.”

Can you afford to save more?

The increased cost of living means some people will need to reassess how much they contribute to their pension. So it’s worth checking regularly to see if you can afford to pay in more. If you increase your contributions, your employer might increase theirs too, which can be a great way to boost your savings.

Log into your account today to see if you’re on track to achieve the retirement you want and to manage your contributions.

Source: Censuswide Survey on behalf TPT Retirement Solutions of 2,009 50-59 year-olds who are employed. Survey completed between 27.02.2023 and 01.03.2023.