Men have double the pension savings of women, with an average pension pot of £92,000 compared to £39,000 for women.

There was also a large personal asset gap, with men having average assets of £145,000 in comparison to £79,000 for women, according to new research from Royal London.

Men were also much more confident in managing their pension savings than women. Under a third (29%) of women said they felt confident in combining or transferring pensions compared to 44% of men.

Single and divorced savers also had much lower savings. Single savers had average pension pots of £30,500 and divorced individuals had an average of £39,500. This compares to a £97,000 average for married savers.

Royal London published its report to coincide with the Chancellor’s annual Mansion House speech due today (15 March).

Chancellor Rachel Reeves is expected to officially launch the Government’s planned pensions adequacy review, covering workplace pensions, retirement savings measures for the self-employed and potentially State Pension clarification.

Sarah Pennells, consumer finance specialist at Royal London, said the provider’s report shows how pension reform is needed to “reflect the realities of modern working lives” and address the “structural barriers” that hold women back from building up their pension savings.

She said: “It’s encouraging to see a continued focus on how the Government plans to support growth and reduce inequality.

“The upcoming second phase of the Government’s Pensions Review presents a valuable opportunity to explore a range of issues affecting retirement outcomes, including the gender pensions gap. While any proposals may take time to implement, the review can help lay the foundations for long-term improvements in the pension system.” 

• YouGov surveyed 4,003 UK adults on behalf of Royal London between 26 February and 5 March.