A new report from Fidelity International has found that women tend to save and invest, on average, far less than their male counterparts when preparing for their retirement.
Their findings also show that 21 per cent of men aged between 18 and 34 years old have sought help from a financial adviser, compared to just 12 per cent of women.
Women still typically earn less than men during their lifetime, in part due to them often acting as carers for children of family and get paid less.
However, due to COVID-19, this issue is likely to become more prevalent, as an estimated 78 per cent of job losses have affected women.
Unsurprisingly, 54 per cent of women are concerned about retirement savings. This is backed up by The Pensions Policy Institute findings that women in their 60s will on average retire with £51,000 of savings compared to men who on average will retire with £156,000.
Jackie Boylan, Head of FundsNetwork for Fidelity International said: “Our twenties and thirties can be vital years for building up longer-term savings as well as hitting financial milestones. Financial advice can help us to think ahead, for both short and long-term goals and navigating any obstacles, and for women, this is arguably even more crucial.
“The gender pension gap is all too real, and now we have a whole generation of women set back even further by COVID-19: job losses, taking on more of the caring responsibilities as well as the domestic burden. Women should feel empowered to seek financial advice from a younger age, but there are too many barriers in the way from cost to a lack of confidence – meaning women are coming to it much later than men.”
“The value of an investment and the income from it could go down as well as up. The return at the end of the investment period is not guaranteed and you may get back less than you originally invested.”