British women are increasingly taking control of their own retirement finances, encouraging new figures show.

However, many are still confused about their entitlements and could therefore miss out financially once they finish work.

According to research carried out by HSBC, the number of women not putting anything into their retirement fund has halved over the past three years alone, with around one in two now looking to the future financially.

Significantly, it was also found that 22 per cent of those not paying into a pension scheme said that this was because they simply couldn't afford to do so, though many could benefit from cashing in on their investments in order to free up some money for the future.

Ian Martin, head of UK retirement businesses at the bank, stated: "Our research is very encouraging, in that it shows women are increasingly taking control of their own retirement planning.

"Yet many women are potentially missing out as they are still confused about when they can pay into pensions and who can pay into pensions."

Those looking to get their finances in shape for the future and thinking of surrendering an endowment policy could instead make much more by selling through AAP, the UK's biggest buyer. Free quotations on with-profits endowment policies can be obtained at www.aap.co.uk

Published: 09/05/2008    |    view the news archives