Pension saving levels among women have hit a 15-year high, according to research from Scottish Widows.

YouGov polled 5,036 adults on behalf of Scottish Widows earlier this year and found that 57% are saving enough for retirement.

Average savings among women have increased by 4.6% since 2007/08, equating to an extra £5,900 in retirement income.

The number of women saving into a pension has grown by 14.6% over the last 15 years, outstripping participation levels (8%) among men.

Despite that, the average man benefits from an extra £78,000 in their pension pot at retirement.

Jackie Leiper, distribution director at Scottish Widows, said:

"We've come a long way, but 15 years later there's still an unacceptable gap between men and women and a series of reforms that allow for a more tailored approach to saving is needed.

"Increased default savings levels, improving the scope of auto‐enrolment and managed access to pension savings to support a first home deposit or to overcome a period of financial hardship are just some of the ways we can make a real difference.

"By doing so, we can ease the financial stresses that disproportionately impact women, such as those that go alongside life events including starting a family and buying a first home."

Talk to us about saving for your retirement.

Plus Accounting light logo

Subscribe To Our Newsletter

Join our mailing list to receive the latest news and updates from our team.

By submitting your details you agree to receive email marketing from Plus Accounting and have read and understood our Privacy Statement & our Terms & Conditions. You can withdraw your consent or change your preferences at any time by emailing us or by clicking the link at the bottom of every email we send you.

You have Successfully Subscribed!