Scots’ greatest financial fear is not having enough money to live on in old age, and for many women it is likely to come true, unless they take urgent action.

When website TopCashback asked people north of the Border about their money worries, managing in retirement came top of the list.

And women, in particular, have good reason to be concerned. According to a report from the Pensions Policy Institute, they typically have barely half the pension savings of men.

Females have, on average, just £7,500 in defined contribution (money purchase) schemes, compared to £14,500 for men, while their investments in defined benefit (final salary) schemes average £32,000, against £62,900 for men.

Women also tend to get less state pension. They receive 13 per cent, or £1,092 a year, less than the average for both sexes, and 25 per cent, or £2,548 a year, less than men.

Kate Smith, head of pensions at provider Aegon, said: “Given the unique challenges women face, it comes as no surprise that their pension savings are considerably less than those for males.

“The more disruptive working lives of women, cutting hours to care for their children and elderly parents, put them at a disadvantage and means their salaries lag men’s by a fifth.

“Shorter hours means less take-home pay, reducing the amount women are able to save in a pension. Most worryingly of all, over four in ten women between 40 and 59 years old haven’t started planning for retirement.”

Aegon says 53 per cent of women in this age group admit they will be forced to rely on their partner for financial support when they stop work.

This makes them very vulnerable. Without adequate savings of their own, if the relationship breaks down or their partner dies before them, they could be stuck on the breadline for the rest of their lives.

The outlook is equally bleak for single women who aren’t putting money away.

Maike Currie, director for personal investing at Fidelity International, said: “Women make up 91 per cent of the two million lone parents who may, quite understandably, feel that they don’t have any resources to put aside for the future.

“To compound this, women live longer than men, so their lesser funds need to last longer.”

No-one can expect to live well on the state pension alone. From the start of the new tax year on 6 April, the full amount will be £155.65 a week, or just £8,093 a year – compared to average annual UK earnings of £27,000.

To get any state pension at all, you will need to have paid National Insurance contributions for at least ten qualifying years. To get the maximum weekly amount will require 35 years of contributions, although anyone who has contracted out of the state scheme could end up with less.

And many women will have to wait longer than initially expected to receive their cash. The state pension age, formerly 60 for females and 65 for males, is gradually being equalised, and by 2020 it will be 66 for both sexes.

In response to a campaign by women in their early sixties who have been particularly badly hit, the Work and Pensions Select Committee has announced an inquiry into the economic effects of allowing women affected by the change to take their pension early. But even if this became law, it would be paid at a reduced rate, meaning they would be no better off overall.

To check the age at which you will become eligible, use the government’s calculator at www.gov.uk/state-pension-age. To apply for a statement of how much you might get, go to www.gov.uk/check-state-pension.

If you have significant gaps in your National Insurance record, it may be worth making additional voluntary contributions to improve your entitlement. For more on this, see www.gov.uk/check-national-insurance-record.

If you are working and not already in your employer’s pension scheme, find out about joining it, even if you have previously opted out.

Ms Smith said: “Nowhere else will you benefit from both an employer contribution and a government top-up.”

Millions of workers have been auto-enrolled into workplace schemes but around 10 per cent opted out, effectively throwing away valuable retirement income.

She explained: “Someone on average earnings of £27,000 a year will have lost a minimum of £635 in employer contributions and £127 in tax top-up from the Government. Effectively, workers have ‘saved’ themselves £508 in pension contributions, but have lost out on a total of £1,270 in their pension.

Some employers will contribute above the minimum, so missing out could be expensive.

If you aren’t eligible for a workplace scheme, talk to an independent adviser about starting a personal plan. Even if you aren’t earning, you can still pay in up to £2,880 a year and get a 25 per cent top up from the Government, making a potential annual investment of £3,600.

If you can’t afford this, look into other forms of tax-efficient saving, such as individual savings accounts (Isas).

Ms Currie said: “Even if you can only afford to put a tiny amount away each month, do this regularly and it could make all the difference to ensuring a dignified retirement.”