Women urged to save in both Isas and pensions

Women should save in a combination of an Isa and a pension account for most of their long term savings plans, according to an independent financial advice firm.

MDM Associates director Lisanne Mealing stated that the use of the two products will help women keep some money accessible for short term reasons, while also ensuring some cash is kept back for retirement.

She also urged female consumers to sit down and work out their budget so they have a good idea of how much money they can put to one side while still having a decent disposable income.

"For a young woman I'd say it's quite important to sit down and work out what your actual outgoings are: what you need to have a good time and still plan for the future," she explained.

"Women are earning more – they do have, quite often, as much disposable income as men, and sometimes more. So there's no excuse for not saving."

Ms Mealing's comments have come after research by the Fawcett Society found that women are less likely to have savings or pensions in place than men.

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