From MadeForMums · · 1m 20s
Mums retire with 33% less pension wealth than men
Mums face 33% pension wealth gap due to childcare costs and career breaks.
In brief
Mums face 33% pension wealth gap due to childcare costs and career breaks. Mums in the UK retire with 33% less pension wealth than men because childcare responsibilities and career interruptions reduce contributions. Originally reported by MadeForMums.
Pension wealth gap revealed
Women in the UK have 33% less pension wealth than men according to Pregnant Then Screwed research.
“Women in the UK have, on average, 33% less pension wealth than men”
Campaign launched
Pregnant Then Screwed launched 'Thanks For Your Service' to highlight childcare costs and career breaks impacting mums financially.
“Pregnant Then Screwed has launched a new campaign, 'Thanks For Your Service'”
YouGov survey findings
42% of mothers said childcare responsibilities reduced pension contributions, 36% cut working hours, 28% took time off work.
“42% of those asked why their pension contributions had reduced said they had little or no choice because of childcare responsibilities”
Maternity leave pension mistake
Mums may have incorrect pension contributions during maternity leave due to miscalculation of pay.
“When you're receiving paid maternity leave and remain eligible for workplace pension contributions, your employer's contributions will generally need to be based on your normal pay before maternity leave”
Emotional impact
40% of mums feel worried about pension savings, 29% anxious, 26% resigned with only 5% confident.
“When asked how they felt about their pension savings, 40% said they were worried, 29% anxious and 26% resigned”
Rachel Grocott's view
Rachel Grocott, CEO of Pregnant Then Screwed, says pension inequality is structural and penalises women who leave work for childcare.
“The inequality in pensions is structural. Our pension system is designed to reward people who have continuous full-time employment”
Campaign features
Ashley James, Anna Whitehouse, Cat Simms and others wear '33% OFF' signs to highlight the pension gap.
“Ashley James, Anna Whitehouse, Cat Simms, Agnes Agyepong, Victoria Emes, Katie Guild and Alison Perry are among the mums supporting the initiative”
Protecting pensions
Mums can check pension statements, ask HR about contributions, review after changing hours, and get free guidance.
“Check your pension statements: Look at the contributions made by both you and your employer, particularly during maternity leave”
The main idea
Mums in the UK retire with 33% less pension wealth than men because childcare responsibilities and career interruptions reduce contributions.
