The value of the average pension pot for men is 22 per cent more than for women, data collected by Penfold has revealed.

The research found that men in retirement had, on average, £1209 more saved than women, also revealing that women have smaller pension pot sizes in every age category, something that gets “dramatically” worse the closer they get to retirement.

Penfold additionally revealed that 27 per cent of its members identify as female which, according to Penfold, illustrates how women may feel less qualified to begin saving for retirement.

As a result of the findings, Penfold called on the pensions industry as a whole to tackle the issue of the gender pension gap and build a proper plan for increasing financial literacy among women of all ages.

Penfold co-founder, Chris Eastwood, commented: “The gender pension gap is a hugely complex problem with a number of societal conditions preventing us from solving it.

“That said, there are ways we can help in the short term and it really starts with education. Only when women understand the importance of a pension, how you go about building a healthy pot and the impact of wage discrepancies, maternity leaves and part-time work on final pot value - will we start to see an improvement in the gap.

“The onus is on employers and the industry alike to take into account the specific needs of women when it comes to saving and to build products and communications that work for both genders.

“At Penfold, we’re on a mission to enable everyone to save towards a worry-free retirement and achieving that mission starts with a encouraging more balance saving rates among both men and women.”

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