There is a "huge disparity" between men and women's pension wealth, analysis from Broadstone has revealed.

The analysis, which used figures from the Office for National Statistics’ latest Wealth and Assets survey, showed that, of all adults over 16, men had an average of £75,700 in private pension savings, whether this was pots they were actively contributing to, preserving for retirement, or receiving in payment.

This was nearly twice as much as women's average private pension savings, which were £42,500.

This trend was evident across all age groups, but the gap widened "considerably" among those nearing the end of their careers.

Of those aged 45-54, men had a median private pension wealth of £108,100 - over £50,000 more than women, whose median savings stood at £57,900.

Likewise, in the age groups 55-64 and 65-74, men had median private pension wealth of £193,900 and £191,600, respectively - considerably higher than women's private pension savings of £105,200 and £106,300 in the same age groups.

Broadstone workplace engagement consultant, Rachel Coles, said private pension savings were "vital" to achieving a decent standard of living in retirement, by providing supplementary income to state-provided sources via benefits or the state pension.

"While the problem of pension adequacy is well known and understood, data like this is important in helping to uncover specific segments of society that are likely to be worst off."

Cole argued that more targeted support for women is necessary to help encourage higher levels of pension saving. Initiatives that help lower women's hurdles in progressing their earnings would also support this drive.

"Financial education will be a significant part of building up awareness of the importance of later-life savings, the tax-efficient benefits of pensions and how factors like starting to save as early as possible can help maximise savings by the point of retirement.

"In couples with an unequal distribution of wealth, the data also demonstrates the need for careful estate planning to ensure wealth can pass from husband to wife in the event of a death."

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