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Women urged to prioritise finances

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19/05/2008

Nearly one-in-five single women aged 25 to 45 spend more money on their personal upkeep than on saving for the future, according to Friends Provident.

A report from Friends Provident claimed that many women in the UK fall into the category of the “Sex and the City” generation – spending more money on their lifestyle than on things such as pensions and property.

According to the report, 23% of women in the above category have a personal pension, while 33% own their own home. An estimated 41% of women have saved less than £200 in the last year, with 36% admitting they spend more than £50 a month on clothes and accessories.

“Many women are spending too much on the day-to-day, not investing enough in the future via savings or pensions, and not putting enough effort into managing their careers,” the report said.

Christine O’Grady, senior retail media relations executive at Friends Provident, said: “The Sex and the City generation is playing a dangerous game, gambling with the future. Just 23% of the single women asked have a pension and 20% have life or health insurance, yet just over a quarter own more than 30 pairs of shoes.

“Women often have a more sporadic earning pattern than men and we urge them to take time to look at their finances and think about the future. Some may be lucky enough to find a knight in shining armour but for those who aren’t, becoming more of a Miranda than a Carrie could help make their dreams a reality.”

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Debt

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