The research did not focus on high net worth individuals, a HSBC spokesperson told this publication, but added: “Quotas were set to ensure that at least a certain number of mass and emerging affluent respondents per country were surveyed."

The Future of Retirement: A New Reality report also found that on average, women face a bigger retirement savings void of at least a decade as they expect to live longer in retirement - 23.3 years versus 18.5 years for men – with their savings enough to last only for 10 years.

Asian women, however, appear to be better positioned than other women across the globe – of which only a third claim their retirement preparations are sufficient to achieve the retirement they want.

“The Future of Retirement survey shows that people are generally unprepared for retirement but the situation appears more alarming for women as they expect to live longer with less savings, Louisa Cheang, group general manager and regional head of retail banking and wealth management, Asia-Pacific, said.

Opportunities

“With more women getting the same opportunities in education and employment today, they stand a better chance at achieving the kind of retirement they want compared to women in past generations. But they need to take the first steps towards financial independence now,” she added.

Globally, fewer women are saving regularly than men (46 and 50 per cent, respectively) although this ratio improves in Asia (54 and 56 per cent, respectively for women and men).

Nevertheless, given the choice between saving for a holiday and retirement, 41 per cent of female respondents in Asia would save for short-term goals, compared to 35 per cent of men. The global averages are 47 and 39 per cent, respectively.