Savers contributed, on average, £285 (19 per cent) more to their pensions in 2024 compared to 2023, according to analysis by PensionBee.

This "sharp" increase took the average pension contribution per year from £1,192 in 2023 to £1,477 in 2024, despite ongoing pressures on household budgets, as the backdrop of high inflation and rising interest rates have strained household budgets.

However, the data also revealed that the difference in annual contributions between genders has widened “alarmingly".

In 2024, the total average pension contribution by men increased by £316 (23 per cent), a larger increase than the £174 (18 per cent) rise seen among women.

This difference has seen men’s average annual retirement savings increase to £1,662 per year, 44 per cent more than women’s at £1,155, a notable increase from the 37 per cent gap in contributions seen last year.

In 2023, women contributed an average of £982 to their pension annually, while men contributed £1,346 to theirs, a £365 gap.

This gap was smaller in 2022, as on average, the difference between contrinutions was £278 (35 per cent) as women contributed, on average, £794 and men contributed £1,072.

The firm said that women continue to face structural challenges that impact their long-term savings, including lower average pay, career breaks, and unpaid caregiving responsibilities.

It said that these factors contribute to a 38 per cent gap between male and female pension pots in the UK.

Additionally, PensionBee said the growing contribution disparity risks making this gap even harder to close.

PensionBee chief business officer, Lisa Picardo, said that it was encouraging to see its customers prioritising saving for their future, even when things feel tight, but stressed the widening gender contribution gap is a “serious concern”.

“Women already face challenges such as lower average pay, career breaks, unpaid caregiving responsibilities and lower lifetime earnings, plus they tend to live longer, making it even more critical that they can save effectively for retirement,” she explained.

“The pensions industry still has a long way to go in enabling this, by making its products, content and tools more accessible and transparent to all savers, regardless of gender.”

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