Just 5% of women are 'on track' for their preferred retirement, according to the research, and less than a third (29%) feel confident that they will be able to retire when they'd like.
When it comes to the method of saving for retirement, more than half of women (54%) consider their company pension to be their main method, yet 64% don't know how much their employer is contributing and 61% have never checked their retirement savings.
Angela Seymour-Jackson, Managing Director of Workplace at Aegon UK said:
“Women have a very specific set of challenges when it comes to financially preparing for retirement. Despite the Government implementing significant changes in the past year to empower people, we are still just at the starting point. We need to shift the focus to those who aren’t saving and address specific needs, such as those of women. This includes enabling women to save as much as possible, when it matters, to better equip them for the future.”
