Taking the average earnings of each gender in 2020, men have been able to contribute more to their pension pots than women (£3,184 compared to £2,340 annually).
This underscored the research into retirement confidence, which was carried out by Opinium on behalf of Canada Life and polled more than 4,000 Britons, 1,605 of whom had received regulated financial advice.
This research found a lack of financial wellness and ability to save has created a significant gender divide when it comes to retirement confidence, even among the advised.
Among those adults who had received advice from a professional adviser, nearly two-thirds of men (64 per cent) said they were confident they will retire at the age they plan, compared with 53 per cent of women.
When asked about financial worries, 45 per cent of women said they didn’t feel they would have any financial worries in retirement, in comparison to 58 per cent of men. The Canada Life study also found that men were more likely to think they will completely stop working when they retire, compared to 55 per cent of women.
More2life's Harris added: “Although women appear to be better at saving into their pension, they still face a retirement that is less comfortable and financially secure than their male counterparts.
"The stark difference in retirement incomes highlights the need to address the root causes of financial gender inequality and better support women as they make choices around how to use their assets both in the lead up to and during retirement."
simoney.kyriaou@ft.com
