Women are less likely to make informed decisions about their retirement due to a lack of understanding and disinterest in seeking advice, MGM Advantage warns.
According to a study published by the provider today, only 40 per cent of unretired women aged 55 and over said they would value expert financial advice at retirement, compared to 52 per cent of men.
Nearly half of the women surveyed also admitted to having no knowledge of retirement products and services, while just 34 per cent of men said they were unaware of their options.
MGM Advantage says as a result women will be “hardest hit” by the Budget reforms, which place a greater onus on individuals in making decisions about their retirement options.
Pensions technical director Andrew Tully says: “The recent reforms have given retirees more freedom and increased their choices, but this means decisions are more complex so understanding the options available is more important than ever.”
The research, which harvested the views of over 2,000 men and women over 55, also reveals women are worse at predicting how long they will live. Women approaching retirement age underestimated their life expectancy by 10 years, compared to 5 years for men.