Pensions: how women can make sure they don't miss out

Historically women had been at a disadvantage when it came to pensions, and it seems this is one trend that will persist despite females saving more.

In traditional households women have stayed home to raise children which has put them on the back-foot when it comes to pensions, typically saving far less than their spouse and subsequently relying on their spouse's pension to fund retirement for both.

As women joined the workforce and took more responsibility for their own savings, this was expected to change but sadly it hasn't changed enough.

According to Scottish Widows, women save almost twice as much money into their pension as men in their twenties - £180.36 a month compared to £93.26 – but then fall behind again in their thirties, paying in £119.59 a month compared to £202.58 for men.

Unfortunately this decade of lower savings mean women never catch up and is exacerbated by the fact that while earning more than men in their 20s, women's wages fall below men's in their 30s, mostly due to career breaks to raise children.

Of course, the long-run impact of this is yet to be seen as Generations X, Y and Z are decades off retiring. There is a general fear that everyone will struggle in retirement as we're simple not saving enough but women are going to be disproportionately impacted.

Women may not get much from their partner's income either as men's savings will also be lower, and women are not entitled to share their husband's state pension as they used to. And the pain will be drawn out for women as they tend to live longer than men.

So what's the solution? There's only one, and you probably know what it is: save more.

Women have to ensure they are putting themselves and their future financial security at the forefront of their concerns.

While on maternity pay and receiving statutory maternity pay your employer has to continue contributions into your workplace pension so you will receive 39 weeks worth of pension payments, and possibly longer.

If you decide to go back to work then all well and good, your employer will continue to contribute, but if you don't go back to work then a personal pension is a good idea. You can save up to £3,600 into a personal pension each year if you're not working (this is made up of £2,880 worth of contributions from you and the rest is tax relief from the government).

It may seem like a sacrifice but making the effort to save now will give you peace of mind in the future.