On average women aged between 25 and 34 years old want a household income of £29,000 per year in retirement, according to the BlackRock Global Investor Pulse Survey, which would require a pension pot of £555,556. Yet the same age group believes that a pot of £142,000 would be adequate to fund their retirement.

While young women recognise that the state will contribute little to their retirement coffers, 64 per cent of young women had not started planning. According to BlackRock, funding retirement is sixth on the list of young women’s financial priorities, behind paying off debts, growing wealth, saving for a deposit on a home, paying off a mortgage and financing their child’s education.

It is not until women reach age 45 that retirement becomes their first financial priority.

Juliet Bullick, head of inclusion and diversity for EMEA at BlackRock, said: “It’s entirely understandable that young women have other financial priorities. When retired women in the Investor Pulse survey were asked to reflect on what advice they would give to their younger self in preparing for retirement, more than two thirds recommended saving as early as possible – as it stands, women are leaving prioritising their retirement until their mid-forties.”

Young women have more than 80 per cent of their savings and investments in cash, the highest proportion of all age groups. Just 13 per cent describe themselves as ‘actively investing’ and 43 per cent of women who hold cash will increase their allocation in the year ahead. Over one third of young women think cash savings will help fund their retirement, which, according to BlackRock, indicates that many underestimate the impact of inflation.

More than half of young women have more interest in learning more about savings and investments, the highest of any age group included in the survey, and 39 per cent are the most likely to seek the help of a financial adviser to help them plan for retirement.

Bullick said: “We are all living longer, healthier lives and making a plan for how we live it comfortably has never been more important. The survey shows that women who take financial planning seriously are much more in control and confident of their financial future than those that do not.”