People retiring this year who have been divorced can expect to retire with an average annual income of £13,800 compared with £16,400 for those who have never experienced a marriage breakdown, according to research by Prudential.

The study found that 40% of those planning to retire in 2013 have been divorced, and they are, in general, less likely to have a private pension, more likely to retire with debts and less inclined to feel financially ready for retirement.

This same group is also less likely to leave an inheritance; only 45% compared with 52% who have not been divorced.

Clare Moffat, pension’s specialist at Prudential, said: “Divorce can be emotionally draining but also financially draining as the retirement income gap for divorcees demonstrates.

“Whether it is due to the financial implications of splitting existing pensions, the cost of setting up a new home or legal fees, divorce clearly has a major impact on the retirement plans of many people. Around two in five marriages end in divorce and it is most common among couples aged 40 to 44 – the time of their lives when they would expect their earnings and their ability to save for retirement to peak.

“Women’s retirement incomes are particularly vulnerable to the financial effects of divorce. Many of them may be relying on their husband’s pension and in some couples the wife may have had little input to the financial decisions that have been made over the years.”

The research also highlighted the way in which the two genders deal with pensions issues when faced with a divorce.

Richard Collins, partner at law firm Charles Russell LLP, said: “There is a clear difference in the way men and women regard assets. Men typically don’t want to share their pension, possibly because they have that emotional connection to their pension pots. They feel like it is something they worked for so that when they do stop working they have enough money.

“Whereas women, generally, don’t understand pensions, or have not contributed towards one due to other commitments – and typically want tangible assets when faced with divorce. They want the house, or cash, things that they can see now, rather than wait until retirement.”

The Prudential report showed that 22% of those previously divorced and retiring this year will do so with debts overhanging into retirement.

The research also found that 61% of those who have been divorced and are retiring with debts still owe money on credit cards, compared with 50% of those who haven’t been divorced.

In addition, 46% still have mortgages compared with 40% of those who have not been divorced.

Moffat added: “For those divorcing or dissolving a civil partnership, a pension fund is likely to be one of the largest and most complex joint assets to be split. Advice from specialists including a retirement expert or a financial adviser can help ensure that decisions made at the time of a divorce are to the benefit of both parties’ eventual retirement incomes. Free advice is also available from organisations such as The Pensions Advisory Service.”