Sex and the City wannabes value shoes over pension

20 May 2008 / by Joy Tibbs
Many women are taking a big risk by frittering away their money like the women of 'Sex and The City' without a thought for their pensions, relying on finding a rich man to pick up the bill.

According to a new report from Friends Provident and The Next Big Thing, entitled 'Sex and the City Generation: Fashionistas not Cashonistas', some women in the UK are investing significant time, effort and money in order to fund the 'Carrie lifestyle' and to find a 'Mr Big' figure to support them financially.

The research showed that almost one in five single women aged 25 to 45 are looking for Mr Big to help them out financially. Worryingly, 27 per cent of these Carrie wannabes have 30 pairs of shoes or more, yet only 23 per cent have a personal pension.

The report states that: "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."

It found that 41 per cent of respondents saved less than £200 in the last year, yet 36 per cent spend more than £50 a month on clothes and accessories and 24 per cent spend more than £200 a year on beauty treatments.

Furthermore, it claims that the money being spent could be part of the process of attracting a potential Mr Big. More than half of the single women asked had made an attempt to improve their looks, with 57 per cent claiming they had done so in the last three years.

Senior retail media relations executive at Friends Provident, Christine O'Grady, said: "The Sex and the City generation is playing a dangerous game, gambling with the future. Just 23 per cent of the single women asked have a pension and 20 per cent 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 and we urge them to take time to look at their finances and think about the future. Some may be lucky enough to find a knight in shining armour but for those who aren't, becoming more of a Miranda than a Carrie could help make their dreams a reality."

©Fair Investment Company Ltd