A new report from the Aegon Center for Longevity and Retirement, the Transamerica Center for Retirement Studies, and the Instituto de Longevidade Mongeral Aegon finds that the persistent gender pay gap, coupled with traditional societal norms and gender roles, are placing women at a disadvantage in terms of saving and planning for retirement.

The life course of women fundamentally differ from those of men. Societal norms and expectations, like marital norms, childbearing, family responsibilities, and caregiving responsibilities, often create very real barriers for women and their ability to be self-reliant and prepare for their long-term financial security. Women are more likely than men to take extended periods of time out of the workforce, thereby limiting both their ability to save, and foregoing the wider benefits that can come with employment. According to the report, less than a quarter of women workers believe they are on course to achieve their retirement income needs.

Based on an annual survey of 15 countries spanning Europe, the Americas, Asia, and Australia, the new report provides actionable recommendations to put women at the center of the solution:

1. Start saving early and save habitually
2. Develop a written retirement strategy
3. Create a backup plan for unforeseen events
4. Adopt a healthy lifestyle
5. Embrace lifelong learning