The future of older women looks increasingly bleak with new research findings published by Scottish Widows showing that two thirds are likely to face an impoverished old age due to lack of savings and pension provision. However, in my prime – a specialist advisory and support organisation for the 50–70 age group, stresses that these figures merely underline the need for both older individuals and employers to take a new approach to retirement planning.

Dianne Bown-Wilson, Managing Director of in my prime, comments: “Although many media reports seem to imply that this situation has arisen through the profligacy of women and their wanton neglect of the need to save for the future, this is usually far from the case. A combination of factors have suddenly come together including the fact that life expectancy has increased significantly over a very short period of time, so that women are now generally facing at least twenty or thirty years of life post traditional retirement age. This, combined with the breakdown of family life where the biggest number of divorces occur in the post 50 age group, and the over 50s’ increasing financial responsibilities for both ageing parents and ‘nesting’ children, means that many women simply don’t have any spare money to save.”

“Society has yet to realistically address these issues in the light of the fact that the majority of women want and need to take some time out of their careers to raise children which can have a significant effect on their earning power and future pension. Rather than ignore reality, we believe that the time has come for women and their employers to focus on the window of opportunity that exists for women over 45 to make a significant contribution to the economy whilst developing their careers and generating income.”

“We tend to think of working women's 'best years' as being in their twenties to early forties - a time most likely to conflict with child rearing responsibilities. In fact, women over 45 (whose immediate responsibilities as prime carers are usually reducing) may have up to thirty years more working life in which to fulfil their ambitions, earn money and save. In fact, need aside, recent research by Birmingham Midshires has shown that many people actively want to continue working past 65 for the fulfilment and companionship it brings.”

“Individuals and employers need to dramatically rethink what 'retirement' means and how much we should rely on the crutch of a pension. Flexible or part-time working, changing career, portfolio working, or starting a business are all highly practical options for older workers. But in order for this to happen employers have to understand the benefits to them of recruiting and retaining older workers, whilst taking responsibility for providing ‘pre-retirement planning’ many years in advance of their employees’ eventual transition to a stage of complete non-work. This may be many years after what we now think of as ‘retirement age’.”

“Alongside this, both parties must focus on protecting and retaining good health and fitness. Only by remaining fit to work will people be fit to enjoy life over 50 regardless of their financial position.”