Analysis of government data by a Financial Planner and wealth manager has revealed that women expect to have a pension pot of £168,000 when they retire, almost £100,000 less than men.

Women also save only 9.4% of their net income while men save 11.4%. Only 22% of women think they are saving enough compared to 33% of men.

According to figures from Brewin Dolphin, women are saving less than men for retirement and are less confident about their pensions.

The figures from the Brewin Dolphin Family Wealth Report show that women are worried they will not have enough in their pension pot in time for their retirement, with 25% saying this is because they did not start saving for their retirement early enough.

Career breaks, caring for children and lower earnings are all factors in the pensions gap.

When it comes to how much they think they will hold in their pension fund when they reach retirement age, women anticipate they will have a fraction over £168,000. Men expect to have a fund of just over £255,000.

Brewin Dolphin’s Family Wealth Report also revealed that 38% of women say that they do not know what to do with their pension when they retire compared to 32% of men.

While 21% of men said they planned to withdraw it as a lump sum, only 13% of women said they planned to do the same. Some 21% of females said they would be relying on a state pension in their retirement compared to just 13% of men.

Wayne Berry, investment manager at Brewin Dolphin in London, said: “While our research shows that women are not putting aside as much as men, either for their future or their retirement, we can also see that they are not as confident when thinking about what they want to do with their pension pots.

“However, it is easy to get sucked into stereotypes about the differences between men and women when investing. We know that attitudes to finance are driven as much by social and demographic factors like education, employment status and financial circumstances as they are by gender. We know, too, that many more women are primary carers with part-time roles and less income to invest.”

A similar picture is seen in ISAs. While the gender split of numbers of ISA subscribers is broadly equal, males accounted for  for 52% of ISA holdings worth £50,000 or more while 52% of females own holdings worth less than £2,500.

The report says that 45% of women say that having no spare money to save is preventing them from putting money aside compared with just 39% of men.

Liz Alley, divisional director, Financial Planning, Brewin Dolphin, said: “Many women who come to Brewin Dolphin do so when their relationships have broken down and many are not aware of the steps they need to take to ensure they have plans in place to meet their future income needs.

“Many women are simply not aware of their financial circumstances or of the options available to them. In fact, many seem to have a cautious approach to dealing with their own finances.”