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Women less likely to use new pension freedoms, finds poll.

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30/09/2014
Men are more willing to make use of the pension freedoms granted in the 2014 budget, according to new research by the Association of Investment Companies in partnership with YouGov.

While all respondents in the AIC’s sample earned in excess of £50,000, 54 per cent of men, versus 46 per cent of women, said they were currently making voluntary contributions into a pension scheme.

The research was carried out by YouGov for the AIC among 3,147 UK adults in full-time work (aged 40 or above), with a gross personal income of £50,000 p/a or more.

The AIC has published this research as part of its series ‘Freedom in Pensions‘, which looks at how investment companies can be used to build a long-term pension portfolio, as well as their potential role in delivering a higher or growing income in retirement.

Over a quarter (26 per cent) of the 40+ year old sample surveyed were more inclined to increase their pension contributions post April 2015. However, men are the most likely to increase the amount they pay into their pension (28 per cent, compared to 20 per cent of women).

The changes made 44 per cent of adults feel more positive about pension schemes, there was a 12 percentage point difference between the genders (47 per cent male, 35 per cent female). When it came to saving into ISAs/NISAs, there was barely any difference between the genders.

Ian Sayers, Director General, Association of Investment Companies (AIC) said: “It’s well known that many of us are not contributing enough to our pensions. So it is hugely encouraging to see that with new pensions freedom only months away, consumers are already much more enthusiastic about pensions. However, it appears that women are generally more cautious about the new freedoms than men.

“To help consumers understand their pension options, the AIC has published a guide to self-invested personal pensions, highlighting how investment companies with their unique advantages can help to deliver a higher or growing income in retirement.”

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