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Women ‘far less engaged’ with pension planning

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Women are far less engaged than men when it comes to planning for retirement, research reveals.

The study by Fidelity International found that 27% women do not know the value of their pension pot or how much income they will receive in retirement compared with 15% of men.

Women are also more likely to review the performance of their pension pot and underlying investments less than once a year, the findings suggest.

With the average annual retirement income for women expected to be around £18,334 – nearly £5,000 less than their male counterparts – Fidelity said it was concerning women are far less focused on the financial performance of their pension pots.

Women are also much less inclined than men to seek expert help, favouring advice from friends and family over a financial adviser.

Only 36% of women have sought help from a financial adviser compared with 46% of men.

Maike Currie, investment director, personal investing at Fidelity International, said: “The basis of good pension planning starts with knowing how much to expect in retirement and it is vitally important that women, whatever their age engage with this, rather than burying their heads in the sand. Women building up a pot today should invest and have financial plans in their own right.”

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