FSA advice for women

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Divorcing wives lose on pensions

Women may be in control of their short-term finances, but when it comes to safeguarding for the future, they are losing out, says the Financial Services Authority (FSA). The government's financial services regulator explained this week that women are easily in control of the day-to-day running of finances in the household, but they do not think about organising a pension for themselves.

These findings were discovered after a report last year by the FSA showed there was a significant gender difference in pension ownership which gets more pronounced with age. The difference in pension ownership between men and women in the 25 to 34 age group is more than 20 per cent. It also showed that women were half as likely to have a pension as men when they are part of a couple.

To help overcome this, the regulator has launched an information pack for women, Piling on the Pounds, which explains all the ins and outs of personal finance and how to safeguard for the future.

The pack includes fact sheets and a CD. The sheets cover all essential topics, such as financial planning for retirement, setting up home and making the most of your money and what to do in a case of separation or divorce. There is also a five-step plan to a secure financial future.

The CD also explains other aspects, such as what is financial planning, and allows you to carry out your own financial health check.