Almost a third of women under 44 years (30%) and a quarter of men in the same age category (25%) fail to understand their pension, according to new research.

Almost one in five women under the age of 34 do not understand their pension, according to the new survey from digital marketing agency AccuraCast

The research also demonstrated the gender pension gap still exists, with overall less women paying into a pension than men.

Of those surveyed, 8.5% of women said they did not currently pay into a pension fund compared to 5% of men.

However, the survey found that twice the proportion of men aged from 35-44 years (20.5%) do not currently pay into a pension compared to women the same age (9.6%).

For those aged 45-54 it was the opposite, with 8% of men not paying into a pension, compared to 15% of women. 

Farhad Divecha, founder and managing director of AccuraCast said: “Our research has sadly shown that the gender pension gap is still very much real and there are gaps in knowledge between men and women’s understanding of their pension pots.

"Our research also follows the national trend about less women paying into their pension than men, but also showed some interesting findings about men paying into pensions. There is a real opportunity for brands to build on this and ensure products are clearly explained.”

AccuraCast surveyed 1,000 UK adults about how they felt about their pension pot.