Women ‘must save an extra £185,000 to reach same retirement income as men’

Young women will save an average of £185,000 less than men by the time they retire, a new report suggests.

The report, carried by Scottish Widows, used figures from the Office for National Statistics (ONS) earnings figures and a survey of more than 5,000 people about their retirement planning across Britain, to estimate the difference young women will need to make up to enjoy the same retirement income as their male counterparts.

It found that, on average, women currently in their 20s will have saved around £250,000 by the time they retire while men will save around £350,000.