Just 4 per cent of women have savings of over £300,000 in their pension funds, compared to 15 per cent of men, according to Aegon.
The research highlights the extent of the pensions gender gap, with the survey revealing that around 15 per cent of women have no pension arrangements, compared to 11 per cent of men, leaving them more unprepared for life after work.
Aegon, head of pensions, Kate Smith, said: “Everyone should think ahead to retirement, regardless of their age or gender and when it comes to pension saving, it’s good to regularly check in how much you hold in savings.”
Smith’s advice comes after the research revealed that one in three women were unaware of how much money was in their pension fund, while this was the case with just one in five men.
Additionally, men were more confident that they will be able to retire comfortably, with 13 per cent believing that they will have sufficient savings, compared to just 6 per cent of women.
Smith continued: “We know that there are a number of factors that impact a women’s ability to save for retirement including career breaks to raise a family or care for elderly parents, however, our research shows women are burying their heads in the sand and failing to prepare for retirement.”
Whatever the reason, it is clear that the pension gender gap needs to be closed to ensure that men and women have an equal quality of life after retirement.