Women 'not saving enough for retirement'

Women could find themselves in need of a high interest credit card when they stop working as many are not planning ahead for retirement, research shows.

More than half of women are not saving adequately for their later years, according to Scottish Widows.

The findings show that more than a quarter (26 per cent) of women who could and should be saving are not doing so, up from 22 per cent in 2008.

Family life and the impact of the recession have resulted in only 47 per cent of women saving adequately for their retirement, leaving the rest likely to turn to credit cards and other funds.

Ian Naismith, head of pensions market development at Scottish Widows, said: "There is a long way to go before women catch up with men when it comes to pensions savings but the issues of taking time out to have children and interrupted working patterns are never going to change."

The news comes after Caxton FX revealed that sterling's fall in value will hit UK retirees who spend part of their time abroad or own property overseas.