Less than a fifth (11 per cent) of women feel very confident about their retirement savings, compared to 25 per cent of men, research from Schroders Personal Wealth (SPW) has revealed.

The group's Women and Wealth Report 2025 found that the primary concern for women regarding retirement was insufficient savings, with 59 per cent raising this as a concern.

Inflation and rising healthcare costs were also found to be key worries, as was a lack of financial knowledge, with 25 per cent of women identifying this as a barrier to retirement planning.

Women’s experiences with retirement planning were also shaped by gender-specific factors, as SPW found that 37 per cent believe their savings have been negatively impacted by the gender pay gap and career breaks from caregiving.

In addition to this, just under a fifth (18 per cent) cited differences in financial literacy and confidence, and 15 per cent pointed to limited access to employer-sponsored retirement plans, both of which can make it more challenging for women to plan for a secure retirement.

Given these concerns and challenges, the report emphasised the need for careful financial management plays in ensuring security and longevity for retirement.

However, SPW found that less than a third (28 per cent) of women seek professional guidance when it comes to retirement, whilst those who do look for financial advice often face challenges in doing this.

Indeed, SPW found that 25 per cent of women said that they struggled to find a financial adviser they can trust, with women more likely to instead turn to friends and family for financial guidance rather than a financial adviser.

The advice received was also not always helpful, as 35 per cent found their adviser’s recommendations too technical, and 25 per cent said this led to misinterpretations.

Given the findings, SPW financial planning director, Katie Nutting, stressed that "everyone needs a plan", even if this plan needs to change later on.

"It's important to know what you are working towards with your finances; otherwise, it's impossible to know what dreams you can make into a reality," she stated.

"However, the financial plan you put in place at the start of your financial journey isn’t always the final version.

"Life can throw you unexpected events, and for many women, the biggest barrier they face is moving away from cash and into some form of investment. I don't believe women are risk-averse, but they like to make informed decisions.

"Therefore, making knowledge available, such as understanding how your investments and the income from them can fall as well as rise and are not guaranteed, as well as having access to quality advice is really important.”

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