UK women saving less than men for retirement: study

Women in the UK are able to save around £800 a year less than men to fund their retirement, which showed the growing gender gap in pension saving according to a new report.

According to UK insurer Scottish Widows, women were saving an average of £766 a year less than men, as against a gender gap of £700 just a year ago.

The difference meant that a 30-year-old woman who maintained the current average rate of saving would face a pensions shortfall of £29,800 as against a man if she retired at 65, according to Scottish Widows.

Over a quarter of women were failing to put money aside for their old age, as against a fifth of men, the report reveals.

According to Lynn Graves, head of business development of corporate pensions at Scottish Widows, women found it more difficult to save for the long-term due to their roles as carers for children and the fact that they were more likely to work part-time.

According to the company's research, women looked at their savings as ''a pot to dip into to cover unexpected costs'' at any time rather than funds to be ''ring-fenced'' for their retirement, said Graves.