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Women still &#39significantly&#39 behind men in private pension ownership

Working women need to plan their finances more effectively, particularly their pension arrangements, according to a report from the FSA.

The report, Women and personal finance: the reality of the gender gap, shows women are less likely than men to have taken out a private pension.

Only 27 per cent of married women have a pension compared with 47 per cent of married men.

On the whole, however, men and women in socially similar positions and roles show fewer differences in their ownership of financial products. But there is a wide variation in product ownership between different groups of women.

The report was drawn up by a working party chaired by the FSA comprising industry representatives and observers from the Cabinet Office and Treasury.

The report found women prefer buying financial products on a face-to-face basis. They are also more willing to remain loyal to a product provider with which they have an existing relationship.

Consumer relations director Christine Farnish says: “The good news is growing numbers of women of working age are financially independent, with fewer differences between men and women in the ownership of financial products. The bad news is pension ownership is still significantly lower among women than men.

“Stakeholder pensions may go some way towards helping because they offer a pension to non-workers. But there is no escaping the fact that some women will remain disadvantaged.”

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