Women’s pensions are on average £17,014 smaller than their male counterparts, per a new study by pensions consultants TPT.
The research found that among those who knew how much they had put aside, the average man in his 50s would retire with far more money than a female counterpart.
Women workers, by contrast, fear that they will not have enough saved up when they retire, with 60 percent of women aged 50 and 59 saying they worry they do not have enough money for later life.
Four in ten women said that they plan to work an additional five years to pay for retirement as inflation causes the cost of living to soar.
TPT surveyed 2,009 people in their fifties and found a widespread lack of awareness about retirement plans, with 66 percent of women and 51 percent of men unable to say how much they had saved.
For women planning their retirement, 71 percent said expensive energy bills were stopping them saving for a pension, while 66 percent blamed increasing food bills and 25 percent said higher mortgage repayments were limiting their ability to save.
Helen Taylor, a director at TPT, said “Coping with the rising cost of living has become a major challenge for many people, and our research shows women are struggling more than men.”
“While inflation and energy bills may fall later this year, the cost-of-living crisis is likely to have a long-term impact on how prepared people are for retirement.”