Men are better at saving towards a pension than women, an annual survey by Halifax has found.

The survey which analyses official data from the Department for Work and Pensions (DWP) in order to determine the financial behaviours of men and women in the labour market, found that the gender gap continues to widen.

Women are making less provision for their retirement than men, with just 42% of women currently saving adequately towards retirement compared to 49% of men. In addition, while both are equally likely to save into a company pension scheme, women are less likely to have their own personal pension.

Furthermore, the average savings ratio for women fell from 8.8% to 7.5% in the year to March 2012, but increased for men from 9.7% to 10.2%. On average, male pensioners have higher incomes than female pensioners. Single male pensioners had an average net income after housing costs of £257 per week in 2010-11 compared with £211 for single female pensioners – a difference of 22%.

Halifax director Anthony Warrington said: “It is positive that the pay gap between the sexes continues to reduce and that men and women are equally likely to save into a corporate pension scheme. In this regard, recent legislation in these areas should help to see positive movements in both of these areas in the coming years.”

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