Women not saving for future - Halifax survey

A new survey looking into the future of Ireland’s personal wealth has found that 86% of women have no savings other than an SSIA and only 18% say they are likely to save in the future, with over half saying they are unlikely to save.

These facts came to light in an independent survey carried out by Amárach Consulting on behalf of Halifax.

'Women and Banking' is the first part in a series of studies into the changing landscape of personal banking in Ireland.

Women not saving for their immediate future is not the only concern. In terms of saving for retirement, less than one in six (16%) women have a pension. Of those who do not have a pension, only 10% are likely to start one in the next five years.

Head of retail at Halifax, Chrissy Quinn, said: “As a woman working in Ireland these are worrying findings. There is a particularly strong savings culture in Ireland and given the success of the SSIA scheme we would expect to see more women saving in the future.

"The pension issue has been well flagged but what’s most concerning is that only one in ten women intent to start one soon. We as a bank, and the financial industry as a whole, have to ensure that we appeal to women and operate in a way that meets their needs.”

The proportion of women in work has grown by a fifth over the last seven years to 48% and this will undoubtedly result in an increase in financial power for women.

This is also supported by one finding from the survey that two-thirds of 35-44 year-olds consider themselves the joint financial decision maker. Women’s control of their finances is also reflected in the fact that more women than men bank online – women 36%, men 28%.

Research director at Amárach Consulting Jane Kearney, said: “It is interesting that these findings reflect the sense that women’s power and influence in terms of their working status and consequently their household status is growing.

"What is concerning is that some women are not preparing for their future either by saving or having a pension. To me this suggests that women are still potentially at risk in terms of their future finances.

"Women need to take the next step in terms of their societal advancement – invest their hard earned cash in a pension or savings plan and see it as an investment in themselves and their futures.”