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Lack of understanding 'to blame for women's attitude to retirement plans'

A lack of understanding is at the root of the "lacklustre" attitude towards retirement planning among women, it has been claimed.

HSBC said that it concurred with new research from Prudential which discovered that 60 per cent of women do not contribute towards a pension and those that do save around 22 per cent less than men.

Ian Martin, head of pensions and retirement income for HSBC Insurance in the UK, said that its own research had come to similar conclusions and that it is well-documented that women are not doing enough towards retirement planning.

He claimed that there was a lack of understanding when and how women can pay into a pension, with 44 per cent of respondents to the HSBC survey erroneously believing that they had to be working to make pension contributions.

Mr Martin commented: "At HSBC we are working hard to get the message across to everybody that retirement planning should start sooner rather than later and we are seeing positive signs that people are taking pension provision more seriously - but as current research shows, there is still a long way to go."

The Prudential research discovered that five times as many men as women are expecting private pensions between 15,000 and 19,000, but that women have a more accurate idea of how much money the average basic state pension will provide them.

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