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Women need to take more risks to boost retirement

Scottish Widows says women may need to adopt a riskier approach to investments to boost their income in retirement.

Last month, Widows produced a report highlighting the differences between the savings behaviour of men and women.

Widows says the proportion of women saving adequately for retirement has increased from 43 per cent in 2010 to 50 per cent in 2011.

Women also tend to contribute a bigger proportion of their wages towards their pension than men but men earn an average of just over £28,000 a year while women earn an average of £22,500, with the result that men are saving on average of £700 a year more than women.

Head of pensions market development Ian Naismith says: “Women often give higher priority to family as opposed to their pension. This is laudable but they need to ensure they give enough priority to providing for their own retirement.

“Women may need to adopt a more adventurous approach to saving to maximise their growth prospects, although they need to be able to accept the possibility of short-term losses.”

AWD Chase de Vere head of communications Patrick Connolly says: “Women tend to be more risk-averse than men and, over a long period, it would be sensible to take a bit more investment risk.”

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