Why women prefer shoes over life savings

14:20 21 September 2009

Today's generation of young women are more likely to have a wardrobe filled with designer shoes than a pension plan, it has been revealed.

27% of women aged 25 to 45 have more than 30 pairs of heels while only 23% have personal pensions, according to a poll by insurer Friends Provident.

41% prefer to spend their money on fashion, beauty and nights out over investing for their future.

Many of the singletons interviewed had well-paid jobs 'designer' jobs, further suggesting a link to a new 'Sex and the City' style of living.

While almost half of these women had put aside less than £200 last year, a third were spending £50 a month on clothes and accessories. One in four spent £200 or more every year on costly beauty treatments alone.

The survey predicted that in today's unstable economic climate, women had tightened their belts in the wake of the crunch.

The research suggested that nearly one million women were banking on bagging a rich man to take care of them.

The Friends Provident report added: "Many women are spending too much on the day-to-day, not investing enough in the future via savings or pensions, and not putting enough effort into managing their careers."

Friends Provident spokesman Christine O'Grady warned: "The 'Sex And The City' generation is playing a dangerous game and gambling with the future.

"Just 23% of the single women asked have a pension and only 20% have life or health insurance, yet just over a quarter own more than 30 pairs of shoes.

"Women often have a more sporadic earning pattern than men. We urge them to look at their finances and think about the future."