The gender gap for retirement saving has widened over the past year with men saving more of their income and women saving less, according to research published by Halifax today.
Men's average saving ratio - the percentage of income being saved for retirement - increased from 9.7% in 2011 to 10.2% in 2012, while women's average saving ratio fell from 8.8% to 7.5%.
The bank's latest analysis of the economic and financial divide between men and women also found that 49% of men were currently saving adequately for retirement, compared with 42% of women. The firm's measure of adequate savings for retirement requires someone to be saving at least 12% of their income.
Only 26% of women participate in a pension scheme, compared to 30% of men - a difference Halifax said was entirely attributable to fewer women having a personal pension (3% against 7%) given 23% of both genders participate in a workplace pension scheme.
Halifax also found male pensioners have higher incomes than female pensioners, with single male pensioners averaging a net income of £240 per week after housing costs in 2009/10. This compared to £208 a week for single female pensioners - a difference of 15%.
Martin Ellis, economist at Halifax, said: 'Whilst the economic and financial differences between men and women have narrowed in recent years, significant variations persist.'
He added: 'Women are more cautious regarding equity-related investments and are making less provision for retirement.'
