Millennial women will no doubt be up in arms after new research revealed they will end up tens of thousands of pounds poorer than men by the time they think about retiring.

Gender pay gaps mean that a man aged 21 will end up being nearly £50,000 richer than similarly aged women by the time they reach 63.

The findings come as minister for women and equalities Justine Greening is set to be questioned by MPs afterthe government rejected most of their recommendations for addressing the reasons women are paid 18 per cent less than men.

The first Zurich Workplace Savings Barometer - one of the largest studies of its kind – found men are also receiving more in employer contributions to their pension than women.

This means that a 21-year-old millennial man from south London starting work now will be £47,000 better off when he retires at 63.

Since 2013, women have received one per cent of their salary less in employer pension contributions each year when compared to men.

Despite current plans to narrow this gender gap, it could still mean that in 40 years, men will be splashing the cash at Bluewater while women cannot afford to.

Last year, on average, men under the age of 35 received £217 more in employer pension contributions than females of the same age.

This difference comes on top of the gender pay gap and meant that the value of the employer pension contribution was £3,495 for men and £2,489 for women – a difference of over £1,000 over the four-year period.

With wage growth taken into account, and time off for maternity, this difference could amount to a shortfall for women of £46,689 by the end of a working life.

Number-crunchers at Zurich analysed 250,000 pension plans in a bid to come up with the findings – women who get paid less get less in their pension pot, meaning they’ll have less money in the long-term.

Rose St Louis, of Zurich Insurance, said: “The impact of the gender pay gap on women’s pension pots is no secret, but this difference in the contributions that they receive from their employer presents a serious – and growing – problem.

“The ‘triple effect’ of smaller salaries, career breaks for women and lower contribution rates needs to be addressed: we can’t ignore a £47,000 shortfall.

“Workplace engagement and guidance has a central role to play in helping women make the most of their saving potential while they are working full time, but it is now crucial that greater focus is placed on ensuring that this gap is not allowed to grow any further.”