Pensions - Articles - Priority for savings differs between the genders

 Conclusion to Friends Life's focus on gender reveals a difference in attitudes towards savings... but both men and women place a low importance on saving for retirement

 The concluding piece of research, conducted as part of Friends Life's month-long focus on gender, has revealed that men and women have different priorities when it comes to saving - but saving for retirement falls low on the list for both genders.

 After essentials such as household bills, mortgages and loans, 18 per cent of women prioritise saving for a holiday, 17 per cent prioritise on making home improvements and 15 per cent pay money into other savings accounts. Just 13 per cent of women surveyed considered saving for retirement a top priority.

 Saving for retirement is a priority for slightly more men, with one in six (16 per cent) prioritising financial security in later life. However, 18 per cent prefer to make general savings each month, and 18 per cent save for a holiday.

 Colin Williams, Managing Director of Corporate Benefits at Friends Life comments,

 "These figures are concerning. In the current economic climate, it is understandable that household bills and mortgage payments are high up the priority list, but retirement provision must not be forgotten.

 "With a number of people already facing a pension shortfall, we face the real danger of seeing more and more people reaching retirement age without the financial security that they may expect or desired. Everyone enjoys a holiday, but prioritising such pleasures should not jeopardise retirement security."