Tuesday 19th of October 2010
Answers on individual voluntary arrangements (IVAs) may be of use to young women who are not saving for retirement.
New research from Scottish Widows has revealed females aged between 18 and 29 are typically saving £49 per month, less than half the £111 being put away by their male counterparts.
Debt problems due to overuse of credit cards could be one reason for this and those who are struggling to deal with their financial issues may benefit from an IVA, which can help them clear their debts in five years if they owe £15,000 or more.
The study, which involved 5,000 adults, also showed 31 per cent of young women have never given serious thought to saving using a private pension, while four-in-ten of those who do have a pension are not familiar with the product.
Ian Naismith of Scottish Widows said the findings "paint a worrying picture", as women are now saving less than they were a year ago.
Jasmine Birtles of moneymagpie.com recently stated many Britons spend too much on credit cards and do not save as much money as they should.
Posted by Ashley Littley
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