Although women are likely to live on average nine years more than men in retirement, less than two in five (38 per cent) women – compared with 50 per cent of men - plan for their long-term finances, according to the latest research from Standard Life.
Women are less than half as likely as men to have a personal pension and twice as likely to admit they have a very vague - or no - idea what a personal pension is.
While many women may plan to rely on their husband's private pension fund to provide an income in retirement, analysis shows that half of all married men at retirement will buy a single life rather than a joint life annuity.
A single life annuity can provide a higher income from the outset, but leaves the spouse at risk of having no income from that private pension fund if their husband should die first.
“Women will, most likely, outlive men,” said Mark Polson, head of customer management at Standard Life.
“Yet are least likely to have a plan for their money in the future, creating a pension income gender gap.
“It’s just not enough for a woman to rely on their partner's pension plans and by not taking control of their own future, they put their future income at risk. We are asking women to reality check their long-term plans now to secure the future they hope for themselves."
To support people in long-term saving, Standard Life has launched www.getarealitycheck.co.uk including tips and tools to help plan for the future.
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