According to a research from Duncan Lawrie Private Bank, women on average earnings who take career breaks could be damaging their pension to the sum of £4,680 a year by not continuing to contribute to a retirement fund during their time away from work.

The leading reasons for women taking a break from their careers are maternity leave or child care (68%) and travelling or living abroad (9%).

According to the report, a five year break during a 40 year career on an average salary could leave people with a pension pot shortfall of as much as £70,000.

Richard Boyd, chartered financial planner, said: “When travelling or starting a family, pension planning is never going to be anyone’s primary concern. For some, a pension might be one spinning plate too many to manage, but its importance cannot be underestimated. Those that do let the plate fall may live to regret their decision later down the line.

“Funding in retirement is one of the greater economic issues that our country faces. While the Government seeks ways of understanding how to better fund state pensions, people should be looking out for themselves and at their family’s long term financial security.”

However, the situation is quite different for men. Only 13% of men are planning to or are currently taking a career break with over half (53%) already setting money aside in order to be able to afford it.

Only 11% of men say the main reason to take time off is for child care, the majority 29%, choosing to take time out to travel or live abroad instead.

Boyd added: “The priorities and approach might be different for men compared to women, but the message is the same. Any extended period where you are not contributing to a pension can have a dramatic impact later in life. While living for the moment is commendable, people need to cover all their bases and ensure that a day in the sun does not end up as a dark cloud hanging over you later in life”.

This follows a report last month highlighting that women’s unemployment has risen to a 26 year high despite male unemployment steadily decreasing due to Government policy.

The report from the Fawcett Society found that Government plans for growth were ‘leaving women behind’, with females already bearing the brunt of cuts to the public sector workforce.

In the report the company said almost three times as many women as men have become ‘long term’ unemployed in the last two and a half years, with 103,000 women falling into this category company to 37,000 men.