Figures out this week show that the average Australian woman would have to work 25 years longer to retire on the same amount as a man.

Statistics say there is a $121,200 gap between median super account balance for women and men, aged 60 to 64, in Australia, with the average women set to work until the age of 85 to have the same amount a man would at 60.

The clear gap in pay on gendered lines has been highlighted by the new Westpac Women & Retirement Readiness Report, which shows the financial reality for many people is less than they expected.

Around 51 per cent of respondents expected to have saved more by at this point in time to fund their lifestyle in the years beyond work. The majority of women aged 50 to 65 years (56%) regret not planning better as they approach retirement, now finding they may not be able to maintain their current lifestyle.

Forty per cent of women report advising their daughters to “start saving now”.

“Putting off planning for our retirement is something we all tend to be guilty of at one stage or another,” said Westpac’s Director of Women’s Markets, Larke Riemer.

“Both men and women should try to do more now in preparation for their life beyond work, however we know that women, as primary carers, take career breaks, receive less pay than men and often return to work in a part-time capacity.

“These are unique issues women face when it comes to preparing for their retirement so taking action and starting early is essential.”

“What this research is also showing us is that women in their fifties are already resigned to retiring later in life than originally planned.

“What’s encouraging though is that they are taking control by making a conscious decision to work longer to help pay debts off and continue building their nest egg. The key take out is that younger women should take note and act now,” Ms Riemer concluded.