According to the pension study, the average pension saving to wage ratio has increased from 8.7 per cent last year to 9.3 per cent, although still below the 12 per cent that Scottish Widows believes pension savers should be putting away.

Meanwhile, the pension saving gender gap has grown as the survey reveals that 26 per cent of women are not saving into a pension, compared to 15 per cent of men.

Nevertheless, the number of people saving adequately for their pension has increased, up from 51 per cent in 2008 to 54 per cent in 2009. Commenting, Ian Naismith, head of pensions market development at Scottish Widows said:

“We have seen our Index and Ratio figures rise considerably once again this year so the message that people need to improve their pensions savings is certainly getting through.

“The rise in those saving adequately cannot be solely attributed to pension savings. Non-pensions savings has continued to rise, but total investments held have continued to fall suggesting that people are putting aside more but also withdrawing from their savings in the short term.”

Speaking about the news that women are falling behind with pension contributions, Mr Naismith added: “We have consistently seen groups such as women and the self-employed falling behind when it comes to pension savings.

“The impact of the economic downturn is likely to make these groups even more vulnerable when saving for retirement and there needs to be more done to better encourage everyone to save for the future.

“While people may be worried about their current financial situation they need to make sure they continue saving for the future so they can enjoy their retirement,” he added.

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