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Research carried out by the Pensions Policy Institute (PPI) has suggested that, by the time they come to retire, women have saved just a third of the amount that men have for later life.
According to the research, women in their 60s have £51,100 saved in their pension pots, whilst men have £156,500 saved.
Experts stated that women working part-time and taking time off work impacts how much they are able to save for retirement.
The gender pay gap also affects savings: official figures recently revealed that women earn around 18% less than men.
Commenting on the research, Joanne Segars, Interim Chairwoman of Trustees at Now: Pensions, said: ‘Not only are women typically less paid, but they are much more likely to work part-time or take time out of the workforce to care for children or elderly relatives.
‘This time out of the workforce has a huge impact, and the part-time pensions penalty can’t afford to be ignored. Policy and regulation around saving for retirement need to change to better reflect the changes in the workplace and society.’
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