UK - Women are still at the bottom end of the pensions and savings scale, according to a new report.
In a study of household finances, the London-based Fawcett Society showed that low-paid women are the most vulnerable with most having meagre savings and little or no pension provision.
The study has prompted the UK’s biggest trade union, UNISON, to call on employers to fill the gender pay gap as a way of tackling the problem.
UNISON's national women's officer Marisa Howes said:
“This report reinforces our argument that we will only achieve equality between the sexes when we achieve economic equality - and that means equal pay for work of equal value and an end to discrimination in the workplace.”
The report, ‘Home Truths: an analysis of decision making within the home’, draws on data from the British Household panel survey to examine financial decision making in couples.
It revealed that 25% of women with personal incomes of under £400 a month claimed it was their partner who had the final say in financial decisions, with many women resorting to secret savings accounts. Pension provision was also a concern, with many women not having enough money of their own to save for a pension, while their partners did not see this as a priority.
“The report highlights the worries that women have about provision for their old age,” added Howe.
“Many have little or no pension provision, and their ‘secret savings’ are more to do with short-term contingencies rather than long-term security.”
By Madhu Kalia
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