Personal pensions ‘vital’ for women

Independent financial advisory Ruth Whitehead Associates has urged women in particular to make sure they have a personal pension set up, as well as other savings, to given them financial security in the future.

Ruth Whitehead, principle advisor for the company, said that it was important for women to take out a personal pension because their National Insurance contributions are more likely to be affected by time taken out from work, which could in turn lower their state penions.

According to the Pensions Advisory Service, only people who have made National Insurance contributions for about 90 per cent of the years in their working lives are entiteled to a full state pension.

Ms Whitehead said that women should consider “three things” to safeguard their financial future, one of them being a pension, although she added that pensions “now can’t be the only route to sorting out your long-term needs”.

She also noted that Isas were a good option, as well as property.

Tags: state, National Insurance, advisor, Ms Whitehead, independent, Pension provision in the United Kingdom, principle advisor, Ruth Whitehead Associates

Women urged to think of pensions early

Women need to pay particular attention to their financial futures, because pension arrangements often work to their disadvantage.

With longer life expectancy and a greater likelihood of taking extended breaks from working during their lives, women need to think about pension saving even earlier than men, NFU Mutual has warned.

The insurer cites data from the Official for National Statistics, showing that in 2002, the average value of pension funds of men aged 50 to 54 was £116,000, compared to just £60,000 for women of the same age.

“Really the solution is simple: women should take full advantage of the tax relief on offer to build up a decent pension to provide through what will hopefully be a long retirement,” urged pensions specialist Shelagh Hamer.

“Don’t put off pension planning. By starting to fund a pension early, you have a much better chance of building up a sizeable fund for your retirement. Also, regularly review your arrangements to make sure they are in tune with any changes in your career and lifestyle.”

Tags: longer life expectancy, greater likelihood, GBP, official, Don

Handbags a goldmine for fraudsters

British women may be more susceptible to credit card fraud because they carry too much information in their handbags.

That is according to credit reference agency Equifax which says that handbags are a potential goldmine for thieves.

As well as holding all of a person’s debit and credit cards, the average handbag often also contains payslips, cheque books and National Insurance numbers.

The firm has found that 22 per cent of British women hold their National Insurance number in their handbag, while 32 per cent also keep old receipts.

“Information is our greatest asset these days,” said Neil Munroe of Equifax.

“And, according to our survey, women are carrying around enough information for a fraudster to apply for loans, mortgages, credit cards and bank accounts in their name.

“As our survey revealed anything from payslips, driving licences and mobile phones can be found in a handbag and this is all it takes to commit ID fraud,” he added.

In addition to potential fraud, many women leave themselves open to other crimes, with four in five admitting to carrying their house keys alongside proof of address in their bags.

Tags: cheque, credit card fraud, National Insurance, credit, potential goldmine, business