Working women significantly underestimate their reliance on the state pension before retirement, according to a new study.

Aegon's Second 50 research found 38% of working women expect the state pension to be a significant or their only source of income in retirement.

But the figure jumps to 54% of women when in retirement.

A third (33%) of working men anticipate the state pension as an important or only retirement income source, but the figure drops to 28% of retired men.

Kate Smith, head of pensions at Aegon, warned that many women may be realising the financial realities of retirement too late.

She said the disparity between retired men and women’s attitude to the state pension highlights the greater financial vulnerability faced by women in retirement.

The survey also revealed that the concerns of working-age women about their financial security in retirement often become a reality.

Fewer than one in three retired women (32%) felt extremely or very confident in always being able to live a comfortable lifestyle in retirement – a proportion far smaller than among retired men (46%).

Kate Smith said: “The findings are a wake-up call for all of us. The stark reality is that women are disproportionately affected by financial insecurity in retirement. Almost double the percentage of retired women (54%) compared to retired men (28%) rely on the state pension as an important or only source of income in retirement.”

She said the disparity shows that many women may have fewer savings and might have prioritised immediate financial needs over long-term planning, potentially leading to greater financial dependence on their partners.

Ms Smith said: “State pensions play a vital role for nearly everyone, but they should not be the sole source of retirement income. It is essential for women to engage in both independent and joint Financial Planning.”

To highlight the findings, Aegon has launched ‘The Second 50: Addressing the gender pensions gap', a guide that aims to shine a light on the significant impact that confidence and security in later life have on women’s decision-making.