Only around one in seven (13 per cent) women are confident they are saving enough money for retirement, research by Cushon has found.

Cushon noted that, despite 10 years of auto-enrolment, women feel less positive about their pension savings than men, with 27 per cent of men confident they have saved enough for retirement.

Furthermore, 20 per cent of women feel positive about their financial future in general, compared to 35 per cent of men.

Cushon pointed to gaps in auto-enrolment policy as partial drivers in the difference in confidence, with women more likely to be lower earners or part-time workers than men.

The firm also found differing perceptions and savings habits were contributing factors towards women not being as financially secure as men.

Men were more than twice as likely to pay into a private pension (20 per cent vs 8 per cent) outside of a workplace pension, while over nine in 10 men (93 per cent) had a personal savings pot for later life, compared to 85 per cent of women.

Of those who do have savings, men also have more money put aside, with an average of £9,431 compared to £6,703 for women.

“It’s alarming that in 2022 the gender savings and pension gap remains, and women are still not confident that they have saved enough for retirement,” commented Cushon advisory board member and former Pensions Minister, Ros Altmann.

“There’s no denying that auto-enrolment has been successful in getting more people into pension schemes and saving for retirement. But it still does not cover the lowest earners and those who work part time in multiple low-paid jobs, mostly women.

“They are typically the people who end up missing out on pensions the most and the government should urgently consider ensuring all workers are given the same opportunities to build a workplace pension.”

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