Women are more likely to participate in workplace savings plans and contribute at higher rates, but still lag behind men in total savings because they are paid less, says Vanguard.

In a whitepaper released Tuesday, "Women and Men in DC Plans," Vanguard found that, among its participants, men on average have account balances in workplace retirement plans that are 50 percent higher than women. However, automatic enrollment and automatic increases in contributions are beginning to close that gap.

Women are ahead of men in enrollments in defined contribution plans. Vanguard found women are 14 percent more likely to participate in defined-contribution plans when they are offered and save at a higher rate then men. When automatic enrollment is offered, women and men participate at equal levels.

“Autopilot features are undoubtedly the great equalizer, but we’re not seeing a rapid convergence of men’s and women’s participation and savings rates,” says Jean Young, senior research analyst in the Vanguard Center for Retirement Research. “Women absolutely demonstrate a conscious inclination towards savings and, even with a higher proportion of women earning lower wages, the tailwind of auto enroll has maintained that savings lead.”

A closer look at savings rates underscores the significance of income in combination with gender, Vanguard says. With average wages of Vanguard male participants 25 percent higher than those of women, and median wages 33 percent higher, income accounts for the higher contribution rates by men in these plans.

Other differences shown in the study include that women and men’s equity exposure in their portfolios is equal but women have less concentrated risk. Women are less likely to hold employer stock and more likely to hold balanced investment allocations.

Nearly half of Vanguard’s female participants adopted professionally managed allocations such as a managed account program, target-date fund or traditional balanced fund.  Women are also far more likely than men to hold a target-date fund. As of the end of 2014, 42 percent of women held a single target-date fund and, on average, held 52 percent of their account balances in target-date funds, the report says.

“With persistent and undue criticism of the 401(k) system, it is important to note that the data reflects current labor market realities, and defined-contribution plans are not driving this gender retirement savings gap,” says Young. “More important, however, is the lingering suboptimal savings rates on the part of all participants, regardless of gender.”