Women’s investment income is lagging well behind men’s as a ‘gender investment gap’ grows, according to a study by Radius Equity, a private equity investment firm.

It said that this is an even bigger mismatch than the gender pay gap, where men’s average salary income is 46% higher than women’s.

Men earn 57% more than women in investment income - making an average of £3,794 per year from their investments, compared to an average of £2,422 for women, the analysis concluded.

In London, the difference is greater still: at £6,386, the average man’s investment income in the capital is just over 90% higher than the average woman’s, at £3,353. The UK average for all individuals is £3,188 in annual investment income.

Recent research by Radius Equity shows that the number of women who are higher-rate taxpayers jumped 17% in the year to 2013/14, while the number of men in this bracket rose by 13%.

Gary Robins, director at Radius Equity, said: “Much is made of the gender pay gap in terms of salary differences between men and women, but the investment income gap is even wider.

“Clearly the difference in disposable income is the key factor here: if there are less funds available for investment, it will of course impact earnings power. However, the way in which women are being targeted with lower-returning investments is probably compounding the issue.

“For those with smaller savings and investment pots in particular, it could be argued that maximising value is as important as protecting it.

“Excessive caution could actually prove a risky strategy, particularly over the long-term. The fact that women’s returns from their investments are falling well short of men’s has major implications.”

Mr Robins said: “There is still a widespread presumption that women are generally more risk-averse than men, and savings and investment products tend to be marketed accordingly. However, this out-of-touch approach is actually doing many women a disservice.

“There are still too many high-earning women with far too much of their net worth locked up in cash, simply because of old-fashioned assumptions about what their investment approach ought to be.”