When was the last time you checked your pension funds? Do you know how much your pot is worth? And how much income do you expect to receive in retirement? If you're female you're much less likely to have the answers to these questions, according to new research by Fidelity International.
The survey questioned more than 500 people who had accessed their pension in the past year. It found that women were nearly twice as likely not to know the value of their pension as men - 27 per cent compared with 15 per cent of men. In addition, women were also less focused on the performance of their funds and more likely to review their funds less than once a year.
This lack of engagement with retirement planning risks women facing poverty in later life if they do not build a big enough pot to meet their needs.
Maike Currie, investment director of personal investing at Fidelity, says: "The problem is life expectancy. Women tend to live longer than men so they should have bigger pension pots, but unfortunately it's the case that they are more likely to have smaller pension pots than men."
According to Fidelity, the average annual retirement income for women is expected to be around £18,334, which is nearly £5,000 less than their male counterparts.
Taking time out of the workplace to care for children is an obvious contributor to women's smaller pension pots, Ms Currie says, adding that there are also several other factors.
"The more you earn, the more you save and there's still a gender gap in the amount women earn compared with men. There are far fewer women in senior positions for example," she says.
"There's also an increasing number of women who are now single and/or divorced in later life and cannot, even if they chose to, rely on a partner for an income in retirement."
The baby boomer generation is leading the way in the rate of divorce, she explains, with female divorcees often holding on to the family property rather than splitting their ex-spouse's pension pot. She believes that this can be a mistake because a pension can give you income for life whereas property is an illiquid asset.
Patrick Connolly, chartered financial planner at Chase de Vere, says the survey results are concerning but believes younger women will engage better with retirement planning.
"This survey only questions those who have accessed their pension pots and so they will all be aged 55 or over," he says. "Attitudes have continued to change and women have become far more independent over the years."
But he adds that it's important for everyone to start saving for their retirement through joining their company pension scheme - and this is even more important for women planning a career break. And all pension investors should also read their annual statements to understand where they are investing, how their pension is performing and the level of income it is likely to provide.
Ms Currie is not convinced younger women are more engaged with investing and retirement planning. She suggests investors should help foster greater confidence about investing in their daughters.
"Parents should consider the outlook for their daughters. The number of young people investing is very low. You want to instil in your children from a young age the importance of money and investing, and teach them about money so they're not scared of it. A lot of people don't know the basics - for example compound interest - because of a lack of education."
There are other practical measures women and their families can take to ensure a good retirement income, including saving into a personal pension while taking a career break. You can pay up to £2,880 each year into a personal pension, which the government will top up with £720 basic-rate tax relief.
In addition, married couples or those in civil partnerships can pass individual saving accounts (Isas) to each other without incurring inheritance tax if one partner passes away.
