Women more likely to seek pension transfer?

Women could be more likely to consider maximising their retirement income by seeking pension transfer advice and ensuring they are investing in the best financial products for their needs.

New research from Legal & General has found female Brits are more likely to save than their male counterparts.

The MoneyMood Survey found 69 per cent of the population say they intend to set money aside for the future throughout 2012.

It was noted this is consistent with the high reached last year, which remains the largest figure since the measure began seven years ago.

A significant shift toward this trend is said to have been developing since the coalition government came to power in May 2010.

The average number of households claiming they are in the mood to save has remained level year-on-year, but there have been significant shifts among some regions.

A particularly large change was registered in the West Midlands, where 86 per cent of respondents acknowledged they are beginning to think of saving for the future, compared with 70 per cent for the same period in 2010.

This is a 16 per cent shift and the next-biggest leap was 14 per cent, which was found in East Anglia.

Here, 77 per cent of consumers wish to save compared with 63 per cent in the first three months of the previous year.

"Our latest figures indicate that very few people (only 7 per cent) expect their household earnings to go up faster than inflation this year and even fewer (3 per cent) expect their savings to match inflation," commented executive director of savings for Legal & General Mark Gregory.

"We would urge people not to neglect their long-term needs, such as saving for retirement, because of today's immediate concerns," he added.

Indeed, over-50s group Saga recently warned inflation remains well above target and is still very damaging to savers.

Ashall Glover Financial Services, pension transfer specialists

Posted by Sarah Williams