The average workplace pension pot for women is just £53,000, far below the £120,000 average for men, according to a study which highlights the clear gender gap in pensions.
Published by Close Brothers Asset Management (CBAM) and Pensions and Lifetime Savings Association (PLSA), the report found 29% of women have less than £5,000 in workplace pension savings, compared to 15% of men.
It further revealed women said they are saving £2,652 over the course of the year, compared to male workers, who said they are saving £3,660 per year - which amounts to 40% more in savings annually.
The data is based on surveys conducted by Opinium on behalf of CBAM among 1,000 employers with 200 or more employees and 2,009 employees from companies with 200 or more employees, between 16 and 22 August 2017.
Half of these employees ranged between age 35 and 54, a quarter were aged 18 to 34, and a quarter were over 55.
In the research, just over half of females felt financially unprepared for retirement, compared to 35% of males. Less than a quarter (23%) of women said they feel well-prepared for retirement, compared to more than a third (36%) of men.
It further revealed over a third (36%) of women felt confident about choosing the right financial product compared to under half (45%) of men.
According to the report, the mean annual salary of the females surveyed was £27,379 compared to £37,655 for men, and 42% of female workers said they did not think they get enough salary and workplace benefits to save, compared to over a quarter (27%) of men.
Close Brothers head of financial education Jeanette Makings said the savings crisis is thrown into stark relief when looked at under the lens of gender imbalance.
"Women are not only earning less and therefore saving less, but are significantly less confident about the savings options available to them and how to choose what's best for them.
"Women are more likely to trust friends and family or personal savings websites, which are unlikely to be able to provide suitable and comprehensive information across the entire savings landscape.
"Financial educators, like employers, are better placed to offer guidance and information, but they need to consider the diverse needs of their audience, including what style and content suits the individual members of their workplace."
She added the industry must work closely with employers to deliver effective education incorporating different savings techniques, goals, and needs.
PLSA deputy director of defined contribution, lifetime savings and research Nigel Peaple said in the report:
"Low levels of saving amongst a large proportion of the workforce are preventing many people from accumulating the assets they need over their lifetime. Financial education is one of the ways in which employers can help people to make positive savings decisions.
"It is encouraging to see that almost two thirds of employers believe that it is their responsibility to help employees to make the most of the benefits packages they offer. Education alone though, is insufficient to improve employees' financial well-being."
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