The 2012 women and pensions report has found that the gender gap is growing, with women falling almost £30,000 behind men in retirement savings.
The Scottish Widows survey also found that over a quarter of women were saving nothing at all for retirement – 26%, compared to 23% last year. Only 19% of men surveyed said they were not saving for retirement.
The head of business development, corporate pensions at Scottish Widows, Lynn Graves, said: ‘It has never been more important for the pensions industry, government and employers to raise awareness of this gender gap in retirement savings and help women prioritise their pensions.’
Female respondents reported other spending priorities, such as debt repayment and living expenses. Graves noted a ‘rainy day’ attitude to pensions saving, viewing pensions savings as a pot of money to dip into for unexpected costs as opposed to a fund to be ring-fenced and protected for the future.