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Women urged to keep saving
9 November, 2007
Woman should continue to contribute to their savings during maternity leave, an expert has warned
AJS Wealth Management director Anna Sofat noted that many women who have children fail to recognise the long-term impact of failing to contribute to their savings over a period of one or two years.
She explained that some women neglect their savings based on the premise that they will be going back to work in the near future and the priority that mother's place on their newborn children.
However, financial income can "tighten" and savings for the medium-term disappear under such activity, Sofat noted.
Parents are therefore urged to reflect on the implications that having children might have on their retirement income and should try to make an extra effort to continue commit to their savings, she indicated.
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Some 41 per cent of women earning more than £10,000 per year currently contribute to a pension scheme compared to 54 per cent of men, according to research by Scottish Widows.
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