2023 WOMEN AND RETIREMENT REPORT
3/4s of single mums face poverty in retirement
We’ve partnered with The Sunday Times to explore the data in our new Women and Retirement Report. Single mothers are almost twice as likely to live in poverty when they retire compared to the average woman. That’s why we’re asking the Government for a timetable and commitment to it's latest reforms that will improve the retirement prospects of millions of women in the UK.
Single mums and the pension gap
Automatic enrolment has nearly doubled the number of females saving into a workplace pension in the last decade. Whilst this is great progress the gender pension gap still persists across all women but especially single mothers, 3/4s of whom face living in poverty in retirement.
Almost half of working single mothers work part time to manage childcare and coupled with other financial pressures it can make it much harder for them to save for retirement. That’s why we’re asking the government for a timetable and commitment to its latest pension reforms to help lower earners and part time workers build up their retirement savings.
Our 19th Women & Retirement Report
Our flagship annual Women & Retirement Report is shared industry wide, giving a thorough analysis of women’s preparedness for retirement.
Get a head start in your 20’s
This can help off-set any drop in income later, if you choose to take a career break or work part time.
See the impact saving younger can have.
Take advantage of your workplace pension
This is a tax efficient way to save for your future. Employers must now offer a workplace pension so find out if you can join. Every time you pay in, the Government and your employer pays in too.
If you’ve had more than one pension you might have other pensions so could be worth tracking these down.
Talk about pensions
Lifestyle factors that contribute to the Gender Pension Gap such as sharing the financial impact of career breaks, caring responsibilities. Pensions during divorce and potentially some settlement and even the benefits of joint annuities. These are just some of the important things we forget to talk about but we all should as they can have a big impact on retirement plans.
Find out more about:
To help close the gap we’re working with organisations across our industry, the education sector and the Government. We’re committed to highlighting the issue, providing support and guidance as well as campaigning for pension reforms that could make it easier for women to save for retirement.
CAMPAIGNING FOR CHANGE: RAISING AWARENAESS AT SCALE
Our 4th International Women’s Day partnership, helped build equality as a leading voice on International Women’s Day. Our 2023 campaign brought our own research data to life across multiple media channels.
- Tackle causes of the Gender Pension Gap
- Support ethnic minorities in their different approaches to funding their retirement
- Encourage better financial understanding across all demographics
- Improve pension guidance and education to young women
- Remove the auto-enrolment contribution threshold
- Improve knowledge on annuities and joint annuities in particular