Women are saving less than men for their retirement – and the pension gender gap is widening, a report warns. Men build on average a £63,222 pot for their old age while women save £43,117.

More than half of women (56 percent) worry they will not have enough money to pay bills when they retire as do 44 percent of men.

As high inflation forces up the cost of living, outpacing investments and pension savings, 16 percent of women fear they will never be able to afford to stop working.

Samantha Gould, financial adviser at workplace pensions provider NOW: Pensions, said: “Whilst pay gaps, savings gaps and caring gaps may have narrowed compared to previous years, persistent pension inequalities still remain with ­detrimental consequences for women.

“Career breaks, multiple jobs and increasing childcare costs…disproportionately impact women more than men, ­creating multiple stumbling blocks for continued pension saving. The UK’s pension system needs to reflect the changing demographics of our workforce and be fit for purpose for all.”

The Skipton Building Society research found three in 10 women take more than two years off work for maternity leave and childcare, and many will have paused or stopped pension contributions.

Yet 69 percent of those who stepped away to look after children said they did not consider the effect on their pension.

Helen Mcginty, Skipton’s head of ­financial advice distribution, said: “There is a clear gender imbalance when it comes to our pensions.

“Whether that’s because of a systemic gender pay gap, or the simple truth that many working mums have had to take time away from earning, it’s a reality that everyone should be alert to. It really pays to know what your ­pension looks like, and if you’re on track for the retirement you dream of. ”

The research found a third of employees who worry about affording retirement fear they will be too old to do the things they enjoy when they stop work.

Some 23 percent of them expected to be earning more at that stage of their career.

Aside from childcare, one in five working women took significant breaks away, compared with 14 percent of men.

Men’s monthly savings currently outpace what women aim to put aside, by £296 to £193.

The cost-of-living crisis has also had more of a bearing on the longer-term financial goals of women.

The survey of 1,500 female workers aged 50-plus found 39 percent said that rising costs had a significant impact; 30 percent of men experienced a similar effect.