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Women 'to be more reliant on state pension'

Women are a pensions "underclass" and are likely to be more reliant on the state pension in retirement than men, new research indicates.

The survey from Prudential revealed that 60 per cent of women do not contribute towards a pension and those that do save 22 per cent less than men do.

Women who do save towards retirement are putting aside an average of 236.54 per month, yet men are saving 304.56 per month, while five times as many men as women are expecting private pensions of between 15,000 and 19,000 a year.

However, women were more knowledgeable when it came to the state pension, with women estimating the average payout at 89.09 a week, closer to the reality of 87.30 a week than men's guess of 146.61 per week.

The firm is urging women and men to think about saving and planning for retirement, claiming that it is never too late.

Gary Shaughnessy, managing director at Prudential Life & Pensions, commented: "Retirement is now roughly 25 years long for the average person, so people need to not only review what their pension will deliver, but also think about all the other sources of wealth available to them, such as property and other savings."

Recent research from YourPropertyClub.com found that two-fifths of adults are worried about whether their pension will provide them with enough money to live comfortably in retirement.

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