The pension firm’s latest Retirement Report has found that women would have to work an extra 40 years if they wished to close the pension gap.

The report blamed women’s lower average earnings, higher probability of working part-time and heavier childcare burdens.

According to Scottish Widows, over the first 15 years of their careers, women on average save about £2,200 a year, compared to £3,300 for men.

It added that the difference only widens over a lifetime as wage increases lead to ‘significant inequalities in retirement income’.

Scottish Widows said to reach “retirement parity”, a woman in her 20s today would have to work 37 years longer than a man of the same age to accumulate the same income.

However, the firm added that if women increased their pensions contributions at the start of their careers by 5%, they could close the gap almost completely by the time they are retired.

The report also highlighted that 60% of those over 30 are saving adequately, marking the highest level since the survey began in 2005. Scottish Widows also reported an 11% increase in the proportion of 22-29-year-olds saving adequately for retirement.

However, the firm also reported that over half (54%) of UK savers are worried about running out of money in retirement.

Pete Glancy, head of policy at Scottish Widows, said: “No more than ever, we need to tackle lingering inequalities in retirement preparations.

“Policymakers need to urgently set out a programme that builds on the successes of automatic enrolment. At the heart of this is a directive approach that provides for higher contributions as a default, coupled with the greater flexibility outlined above. Just as crucial is a simple system for the self-employed to access pensions that is equivalent to automatic enrolment.

“Automatic enrolment has been a tremendous success, but we have known it was never going to be enough. This crisis emphasises that many are at risk of being left behind and it is clear, now more than ever, that they should not be.”