What women need to do now to be financially secure for retirement

When you’re in your younger years, it’s hard to prioritise saving for later in life. We need money to buy a house, to start a family, to buy those avocados, right now… saving for retirement can often be put on the back-burner.

A recent study by HSBC found that 57 per cent of women in the UK worry they won’t be able to afford the basic necessities in retirement, and 53 per cent don’t know how much they are saving each month or haven’t even started saving.

The study also found that although women tend to live longer than men, they aren’t as financially prepared for their later years.

HSBC UK Head of Personal Banking, Becky Moffat said: “With women living longer but saving less than men, the retirement gap is a serious issue that needs urgent attention. We are encouraging women to make a promise to themselves that they will save for a good retirement.

“The best way to do this is to seek professional financial advice, find out all the options open to them, plan how much they think they will need in retirement and start saving accordingly.”

So, what can women do to make sure they’re financially prepared for retirement?

Becky shares her top tips, below...

“It’s easy to put off planning your retirement so re-framing how you view it is important. Think of it as a chance to pursue your passions and have new adventures. Make sure you make the most of it by planning ahead.”

“Do you want to go travelling, move home, take up a new hobby or even start a new business? Having a broad idea of how you’d like your life in retirement to look, will allow you to plan for it more effectively.”

“Nobody expects you to be an expert in saving and investments so use free online advice or seek professional financial advice to help you plan and cost out your retirement plans. This will help you decide on the right approach. Don’t be afraid to ask questions – get clarity before making decisions.”

“Managing your finances is not enough – you need to plan where you can save money and how much. Use the online tools such as savings calculators and budgeting apps to help to identify the changes you can make today that will cut costs and then direct the savings to your future.”

“Women already in retirement are more likely than men to rely on their spouse’s income or pension. Get financial independence by starting a separate savings pot or opening investments of your own.”