Single mothers face thousands of pounds shortfall

Scottish Widows’ latest Women and Retirement Report – published annually since 2006 – shows that gender gaps in pay and pensions between men and women across the UK are worsening year on year.

One of the most exposed groups remains the UK’s 1.7 million single mothers – equating to 1 in 5 households with children – as these women are projected to be a quarter of a million pounds (£246,000) worse off in retirement than the average couple.

Women of all ages are less likely than men to be saving for retirement, but this behaviour is particularly pronounced among single mothers: 40% say they are not a member of a pension, compared to 29% of women in general.

Ryan spoke to Alison Nicolson from Scottish Widows and Olga Miller from Smart Purse.

Photo by Colin Watts on Unsplash