30% of women not saving for pension

ALMOST one third of working women (30%) in Ireland do not save towards a pension each month, a survey of more than 500 women by Standard Life has found.

A further 11% said they did not know whether they saved into a pension.

“That’s 4 out of 10 women who may not have any private pension arrangement and may only have the old age pension of up to €223 per week to live on when they retire,” said Jim Connolly, head of pensions with Standard Life.

He said while turbulent stock markets clearly hurt confidence, that shouldn’t deter anyone from contributing to their pension. “Pension investors can still claim the generous income tax relief available whilst parking their money safely in a bank deposit or cash fund until the dust settles in investment markets.”