A study, carried out by the Pensions Policy Institute, shows that women have, on average, £7,500 in savings in defined contribution schemes, compared to £14,500 for men.
The report, The Under-pensioned 2016, reveals large pension disadvantages for women, ethnic minority workers, carers and the self-employed.
The findings show as well as having barely half the pension savings of men, women also receive a far smaller state pension.
Using ONS data the Pensions Policy Institute calculated women receive 13 per cent (£1,092) a year less than the average state pension and 25 per cent (£2,548) a year less than men get from their state pensions.
Carers were found to typically have just £5,800 in savings in defined contribution schemes – 44.8 per cent below average and carers were found to have only £6,000 amassed in defined benefit schemes – a massive 86.2 per cent below average.
An Indian worker typically has less than half (£22,100) the defined benefit pension savings of a white worker (£45,500).
Black pensioners receive 16 per cent (£1,404) less than the average for all pensioners and 20 per cent (£1,820) less than white pensioners in state pension.
Self-employed workers typically have 4.8 per cent less in defined contribution savings and 12.7 per cent in defined benefit savings than average pensioners.
TUC secretary Frances O’Grady said: “Everyone should have the chance of a decent retirement income, not just men in full-time employment.
Women, carers and ethnic minority workers will continue to have a tough time in old age if swift action is not taken.“Women, carers and ethnic minority workers will continue to have a tough time in old age if swift action is not taken. We urgently need a debate on how unions, government and employers can work together to build on the success of auto-enrollment.
“We musn’t shy away from looking at the underlying problems in our labour market that are driving these inequalities in pension saving.”
Adviser View
Gretchen Betts, financial planner at Broadway Financial Planning, said: “These findings don’t surprise me.
“While certainly the introduction of auto-enrolment by the government is a step in the right direction, there is still a way to go.
“The statistics regarding women’s pension savings highlights the ongoing battle women face daily with juggling work, their partner’s career requirements, childcare needs and their future financial plans.
“Women want to be able to have children but keep up with their career, but childcare costs put pressure on their other savings and commitments.
“Ultimately, I think saving into their pension plans comes last in a long list of financial commitments. Financial education about the importance of private pension saving to secure a stable financial future is vital.”