More than half of women (60%) are not contributing to a pension fund, according to new study.
The research by HBSC bank found that 44% of those women were not saving for the future because they mistakenly believed they had to be working to make pension contributions.
However, there is evidence that women are learning more about how to manage their finances for retirement.
Two-thirds of women were aware that a husband or wife can pay into a partner’s pension scheme, even if they are not working, up from 54% last year.
Half of those surveyed also knew that anyone can make contributions to anyone else’s pension pot, 15% more than last year.
But almost a quarter said they were not saving for their future because they did not have a job or were only employed part-time.
Ian Martin, head of pensions and retirement income at HSBC Life, said: “While there has been some improvement in the level of understanding around pensions, the number of women delaying contributions or not contributing to a pension at all is worrying.”
“This will seriously compromise their final retirement fund – particularly for those women who stop making contributions for a number of years while raising their children,” he said.
HSBC figures show a 27-year-old women who contributes £100 a month to a stakeholder pension can retire with a £165,000 fund. But deferring contributions by 18 months will see her income drop 10% to £149,000. If women put off contributions for five years they will be 28% worse off – with a fund of £118,000.