Tuesday 25 September 2018

High costs top reason for not taking private pension

'The survey of just over 200 people found that 59pc of men have a private pension, in comparison to just 40pc of women.' Stock photo: Getty
'The survey of just over 200 people found that 59pc of men have a private pension, in comparison to just 40pc of women.' Stock photo: Getty
Ellie Donnelly

Ellie Donnelly

Affordability has been cited as the main reason for people not investing in a private pension.

This is according to research carried out by HerMoney, a financial services company specifically for women.

The survey of just over 200 people found that 59pc of men have a private pension, in comparison to just 40pc of women.

Along with affordability, one in five females who do not have a private pension listed reliability issues, including concerns that the pension might fail, as a barrier.

Men were less concerned by this, with one in 10 males citing issues around pension reliability as a barrier to having the financial product.

Of the males that do not have a private pension, one in three said they hadn't considered having one, compared to 16pc of females who cited this as their reason for not having a private pension.

In addition, the survey of workers who are self-employed, owners, or directors of companies, found that men were more likely to have a savings accounts.

Almost eight in 10 men surveyed said that they had a savings account, with retirement at the forefront of their reasons for saving, followed by the need for an emergency or rainy day fund.

Meanwhile, two-thirds of the women had a savings account. Unlike their male counterparts, retirement was only third on their list for having such an account, after an emergency or rainy day fund, and providing for children.

Sunday Indo Business

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