Member Article

Older women face uncertain future

Age Concern North Tyneside is warning that the Government risks leaving thousands of older women financially stranded unless it introduces State Pension reform retrospectively.

New findings, published yesterday in Age Concern’s new report ‘Counting the cost of caring’ reveal that nearly a quarter of women over 60 who took part in Age Concern’s online survey find it very difficult to manage financially, with around a half saying they manage but have to be careful. 85% of women over 60 admitted that taking time out of work to care had affected their ability to save into a pension.

Alma Caldwell, Age Concern North Tyneside’s Chief Executive said: “Older women, caught up in a system that penalises them for taking time out of work to care for their families, are in danger of becoming a forgotten generation. “Age Concern has long campaigned for a fair and flexible pensions system that reflects the needs of women and carers, and the proposals in the Pensions Bill are extremely welcome. But the Government must not ignore the plight of today’s older women and carers. Changes to the number of years needed to build up a full state pension must also be introduced retrospectively to help those who already retired with incomplete National Insurance records.”

Age Concern also wants to see much greater investment in good quality, timely financial information to help women make informed decisions about saving. The charity’s survey found that women of all ages are concerned about the lack of independent information and advice about pensions at appropriate times in their life.

This was posted in Bdaily's Members' News section by Ruth Mitchell .