In Focus: Retirement planning  

Women's pension savings still 'way behind' those of men

For adults under 30, women were found to be more likely to have a pension than men (76 per cent vs 59 per cent).

Ross said: "After decades of gender disparity, it’s encouraging to finally see clear evidence of change, with pension take up reaching parity among 30-somethings, and women in their 20s ahead of their male counterparts."

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She added recent steps taken at a government level have the potential to further close the gender pensions gap, including the free childcare scheme expansion announced at the Spring Budget, which should allow more working mothers to return to the workplace and build their pension savings.

But despite signs of progress, Ross said there was still considerable work to be done.

She added: "Education around pensions needs to be improved, as does women’s confidence in financial products. We strongly encourage seeking advice on long-term financial planning where possible, to ensure that the plans you have in place are fit for purpose on an ongoing basis."

simoney.kyriakou@ft.com