The average contribution rose from £1,192 to £1,477, according to PensionBee.
As the money added to account holders’ retirement pots increased, so did the disparity in what men and women were able to store.
Men were able to contribute £316 more to their funds, while women added £174 extra to their pots, representing rises of 23% and 18% respectively.
In total, men added £1,662 to their pensions over the year, with women adding £1,555 to their pots – a gap of 44%, which is also higher than the 37% gap of annual contributions in 2023.
This is due to continuing inequality in what women earn and taking time away from work to raise or look after their children.
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A separate study showed that the cost of having time off work can leave a £4,534 hole in a pension for earners on £35,000 per year, while higher earners on £80,000 lose out by £12,554.
It is a gap that is difficult to reduce, the pension provider noted.
‘Widening gender contribution gap is serious concern’
Lisa Picardo, chief business officer of PensionBee, said: “It’s encouraging to see our customers prioritising saving for their future, even when things feel tight, but the widening gender contribution gap is a serious concern. Women already face challenges such as lower average pay, career breaks, unpaid caregiving responsibilities and lower lifetime earnings, plus they tend to live longer, making it even more critical that they can save effectively for retirement.
“The pensions industry still has a long way to go in enabling this, by making its products, content and tools more accessible and transparent to all savers, regardless of gender.”
She added: “PensionBee is committed to closing the retirement savings gap. In addition to making pensions simpler and more accessible, we’ve partnered with a range of female-focused organisations to provide tailored financial education to women and minority gender groups to broaden our reach. Our vision of a world where everyone enjoys a happy retirement is only possible if no one is left behind.”
