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Women aged between 60 and 65 on average have a pensions pot that is half the size of men their age, an economist told MPs on Tuesday.
Speaking to the Treasury Select Committee, Michael Johnson, research fellow at the Centre for Policy Studies, said that 3.5m women had defined contribution pensions - less than half the number of men. Moreover, men had "more than double" the pension pot of £55,000 of the average female saver.
Mr Johnson was giving evidence to MPs on the issue of household savings, with economists Ashwin Jumar of the Joseph Rowntree Foundation and Torsten Bell of the Resolution Foundation.
All of the economists agreed that the disparity in personal savings and pensions between various groups in society was stark.
"People do not have enough pensions savings," said Mr Jumar. He added: "There’s probably about a third of pensioners who are just doing well but probably about two thirds of people - owner-occupiers or renters - with low pensions."
The panel also told the TSC that Government incentives designed to encourage the public to save were used only by those who were already in the upper percentiles of wealth.
"We need to ask ourselves the question why is it that approximately 70pc of the Treasury’s total investment in incentivising people to save goes to 15pc of the income distribution who are in least need of it," Mr Johnson said.
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Source : http://www.telegraph.co.uk/business/2017/11/14/women-nearing-retirement-have-half-savings-men-mps-hear/