The number of women not planning for retirement has almost halved since 2005, according to HSBC figures.

This year, just 32 per cent (under six million) of women are not preparing themselves financially for their retirement years, compared to 62 per cent three years ago.

It also revealed that 54 per cent of 18 to 60-year-old women are now paying into a pension, compared to 37 per cent in 2005.

Women who were not paying into a pension said it was because they are not working full-time (32 per cent), because they believe they are too young (28 per cent) or because they cannot afford the scheme (22 per cent).

Ian Martin, head of UK Retirement Businesses at HSBC, stated: "Factor in that women will generally be retiring around the age of 65 and living on average until they are 88 years old - that's 23 years of retirement to fund."

Women do not need to be working full time or earning themselves to keep a pension scheme going, he added.

Virgin Money has stated that a 20-year-old woman who saves £100 every month from now until she retires at 65 will have an annual pension of just £12,700 a year in 2053 – worth £4,190 in today's money.

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