How much do you need to save for retirement?

In their recent “women and retirement report 2014” Scottish Widows asked thousands of women about their plans for retirement.

There was certainly good news, in that the number of women saving into a pension had increase by 10%. However, the report also highlighted that women save 40% less than men. This is a huge difference.

Any increase in the number of women saving, or the amount they save is to be applauded. However, 78% of those saving did not know how much money they needed for a comfortable retirement.  To me, this is the equivalent of getting in your car to start a journey without knowing where you need to get to. Without that plan, it’s unlikely you’ll end up where you want to be.

The report highlighted a significant education and confidence problem among UK’s female population. Only 15% of those women surveyed fully understand pensions, and only 9% understand stocks and shares ISAs.

And yet, despite the need for advice only in 10 women have a financial adviser. Why is this?

The finance industry is very male dominated I’ve often said the typical adviser is male, middle aged, grey hair and grey suit. There’s absolutely nothing wrong with this. But there will be a lot of women for whom this just won’t appeal.

Women don’t need different advice to men. But women will often need a different approach. Because they feel uncomfortable with finances and lacking in confidence they need things explained in a very down to earth manner without jargon. They need to feel safe to say when they don’t understand something without fear of being viewed as dim.

I’ve long held the view that the way we are taught maths in school doesn’t appeal to the typical female brain. And so from a very early age women feel uncomfortable with maths and convince themselves they can’t do it.

Do you recognise yourself in the above?

If so, in an answer to try to deal with the lack of confidence and lack of understanding about finance I am offering a no obligation 30 minute clarity call. We will discuss where you are now, where you want to get to and the steps you can take to get there.

Further details can be found here. This page is designed specifically for women going through divorce. But the process will be just the same if you aren’t going through divorce but feel the similar level of anxiety around money. Please do take a look and schedule a call with me.

I look forward to speaking with you.

You can read the full copy of the report here.