Average annual retirement income for men is £19,850 - a third higher than women's - according to research by insurance giant Prudential. The average retirement income of £14,450 for women has grown steadily since the survey began in 2008.
Although the gender income gap has almost halved in the last eight years, according to Kirsty Anderson of Prudential, current norms in family life undermine closing the gap completely.
“It is an unfortunate fact of life that many women will reach retirement having taken breaks during their working lives that will impact the level of state pension they will receive and the size of their pension pot," she said.
|Year of planned retirement||Expected annual retirement income (women) (£)||Expected annual retirement income (men) (£)|
The research also indicated that sentiment among women retirees has dropped. Only 40 per cent of respondents said they had sufficient income to maintain a "comfortable life" compared to 44 per cent in 2015.
By contrast, 60 per cent of men say they have sufficient retirement funds to maintain such a existence through their retirement.
“We have also seen a fall in women’s confidence that they’ll be able to enjoy a comfortable retirement this year. For most people still in work, the best way to secure the highest possible quality of life in retirement is to save as much as possible into a pension as early as possible," said Anderson.