20% of women forced to rely on just the state pension

PA/AOL Money
Updated
File photo dated 03/05/10 of two women walking along the beach in Bournemouth as one in 12 people planning to retire this year will still be paying off their mortgage. PRESS ASSOCIATION Photo. Issue date: Friday January 24, 2014. Prudential, which carries out research each year to gauge the state of people's finances as they approach retirement, found that one in six (17%) people ending their working lives in 2014 will still be burdened with some form of debt, including mortgages, credit cards or personal loans. Some 8% of those planning to retire in 2014 said they still have not fully paid off their mortgage and around 10% still have credit card debt piled up. On average, those who still have some form of mortgage and/or non-mortgage debt owe �24,800, although this figure is around one fifth (21%) lower than the typical debt in 2013 of �31,200, researchers found. Across Britain, Scotland had the highest rate of people retiring this year with debts outstanding. Nearly one quarter (24%) of people retiring in 2014 there said they would have some form of debt. See PA story MONEY Retire. Photo credit should read: Chris Ison/PA Wire

%VIRTUAL-SkimlinksPromo%Women retiring this year are nearly three times as likely as men to have only the state pension to live on, according to a report.

Some 20% of women, who often take career breaks or work part time to support families, said they have no other pension provision, compared with 7% of men, the research by insurer Prudential found.

Advertisement