Women are less able to save than men and are likely to face a shortfall in their retirement income, according to a new report by Scottish Widows and the Equal Opportunities Commission (EOC).

The report reveals that even though women already save less than men, just 31% of women say they are likely to save more, compared to 37% of men. For those women who say that they can save more, they expect to save an extra £35 per month, less than half of the extra £72 that men say they are able to save.

The EOC/Scottish Widows report shows that men and women believe they need household income of just under £30,000 by the time they are 67, around £500 a week after tax, to have a comfortable income in retirement. This is far larger than the individual income of £160 a week experts say is needed for a modest but adequate income, and even this remains an unrealistic aim for many women.

Jenny Watson, chair of the EOC, says: "Experts say £160 a week is needed for a modest but adequate income in retirement. This report shows people’s expectations are far higher. Reaching either target is a significant challenge for us all but particularly for women.”