The challenge is set for women
Men and women seem to save differently, results from this poll and the latest ING International Survey (IIS) on Pensions and Long Term Savings suggest.
In the IIS – a poll of more than 12,000 in Europe – 37% of women in the survey had a non-compulsory pension compared with 44% of men. A non-compulsory pension was defined as money they or an employer put into a pension above the compulsory amount required by their government.
Tellingly, more women were worried about having enough money to retire (57%) than men (47%).
Our video animation on the findings Who is better with money? analyses the results further. It concludes that, at the moment, men are in the lead when it comes to planning for retirement but the challenge is set for women to join them.
Women in Italy were “least prepared” in the IIS, with Dutch women having the highest uptake rate.
Act now – and write your plan down
The message for men and women alike is to act now on retirement planning.
Put steps in place to overcome the tendency, known as hyperbolic discounting, of many to prefer an extra week holiday (or other treat) now in favour of planning for a more comfortable life as a pensioner.
Imagine yourself as an older person to make goals more concrete. As the slideshow How do I plan for retirement? says, make choices about your desired retirement lifestyle and put your plan in writing as 10 tips for planning an early retirement suggests.