Two in five women (35%) with investible assets of over £250,000 are concerned they will miss out on the retirement they want and expect, compared with 20% of men, according to a new report.
More than a third of women (35%) surveyed by wealth manager Rathbones do not believe their retirement income will allow them to enjoy a high quality retirement.
This compares with 22% of men, underlining a pronounced gender retirement confidence gap among investors with similar levels of wealth.
Women were half as likely to be confident about retirement income plans as men. Two in five women (38%) approaching retirement were unsure how to turn their pensions and investments into regular retirement income, compared to one in five men (19%).
A third (32%) of women did not have a clear idea how much income they would need in retirement, in comparison with 20% of men.
Camilla Stowell, CEO of wealth at Rathbones, said: "Our research suggests women are finding this transition particularly challenging. In our conversations with clients, we regularly hear concerns about making the wrong decisions, withdrawing too much too soon, or being overly cautious and depriving themselves of experiences they can comfortably afford.
“Striking the right balance between enjoying retirement today and preserving financial security for tomorrow is one of the biggest financial challenges many retirees face."
Even among affluent savers, concerns around financial security often outweighed aspirations for retirement. Half of those surveyed (50%) ranked feeling financially secure among their top three retirement priorities, compared with 38% who prioritised maintaining their desired lifestyle, including travel, hobbies and discretionary spending.
The report also found that half (47%) of savers with investible assets over £250,000 had not taken formal financial advice.
Separate research from the Department for Work and Pensions has found that women lag behind men in workplace pension saving despite some progress in narrowing the gender pension contribution gap.
While the gap has narrowed, progress has begun to slow in recent years, with the gap standing at £360 in both 2023 and 2024 – just £50 more than the latest gap.
• Savanta surveyed 2,046 adults with investable assets of £250,000 or more on behalf of Rathbones in July.