In Focus: Advice for Women  

Five top tips to help young women save more

3. Make the most of free money available: If you currently have a workplace pension, it is important to find out if your employer offers more than the minimum 3 per cent contribution and if so, how to maximise employer contributions. 

4. Clarify your state pension entitlement: Some 76 per cent of women surveyed by Moneybox had no idea how much they were on track to receive from their state pension. Just sign up/log into your personal tax account on the government's website and you can quickly find out how much you are on track to receive. 

5. Start now and enjoy the benefits of compounding: It really cannot be overstated, the earlier you start saving and investing for your future, the better. Why? Because of compound interest – £100 a month invested from the age of 25 could be worth at least £130,000 by retirement.

Elston added: “It is clear there is a lot of confusion and even anxiety around this topic and this is something we are committed to helping address.

"Those of us fortunate enough to have been taught about the importance of saving for retirement had the benefit of a well-informed family member or even a financial adviser, but that is just not the case for most people."