Women in 40s and 50s `haven`t planned for retirement`

Many women in their forties and fifties believe they did not think about retirement early enough and feel they may have to seek debt advice, according to a financial expert.

Few women "bother" to save anything for later life in their twenties and begin to question whether it is too late to do anything about it when they reach their forties, AJS Wealth Management stated.

Anna Sofat, director at the firm, claimed that it has "historically" been the case that women save less for retirement than men, with women more likely to seek debt advice in the long run than their male counterparts.

She added: "Women in their twenties really go into the marketplace with the expectation that they`re going to work for the majority of their life, but very few - whether men or women - actually bother to save in their twenties."

Only 41 per cent of women earning over £10,000 a year save money towards retirement, compared with 54 per cent of men, according to Scottish Widows.