The gender pensions gap…

Shocking fact – almost HALF of single mums are excluded from auto-enrolment in a workplace pension.

Research from NOW: Pensions states that many receive less than £10,000 per annum income due to working part-time to facilitate childcare and are therefore ineligible for the pension scheme.

The gender pensions gap is estimated to be over twice the size of the gender pay gap, while women’s retirement wealth in the UK averages only one-third of men’s. Three million women are missing out on workplace pensions because they don’t qualify for auto-enrolment.

Sadly, due to COVID-19, single parents and other parents have been the majority of those furloughed during lockdown too, reducing salaries at this time.

As the majority of single parents are women, this makes the gender pension gap AND the salary gap even more significant.

I ask my financial adviser audience here, what can be done? Do tell us your thoughts on this situation.

 

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