Women have an average of just £7,500 in savings in defined contribution schemes, compared to £14,500 for men, a study from the Pensions Policy Institute has found.
The XX-page 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 DC 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. We need a debate on how unions, government and employers can work together to build on the success of auto-enrollment.
Women, carers and ethnic minority workers will continue to have a tough time in old age if swift action is not taken.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.”