According to one report, four in 10 (40%) single mothers say they are not members of a pension plan, compared to three in 10 (29%) women overall.
Almost three-quarters (72%) of single mothers fear they will run out of money in retirement, as do 61% of women in general and 52% of men, Scottish Widows said.
Single-parent households with dependent children have an average of £29,000 in assets, covering all wealth, including pensions, he said.
That compares to over £275,000 for the average couple with dependent children.
This leaves a gap of almost a quarter of a million pounds in total wealth between the two groups.
Jackie Leiper, Managing Director of Workplace Savings, Scottish Widows, said: “Current economic conditions make it more difficult than ever to address the deep inequalities that underpin the pensions gap, savings- women’s pensions being deeply affected by key life events such as divorce. or motherhood.
“Providers, regulators and employers must urgently work together to address this crisis – from re-examining the self-enrollment threshold to much greater investment in childcare support – to help the most vulnerable in the short term.”
Scottish Widows used the results of a survey of more than 5,000 people across the UK to make its findings, along with some figures from the Office for National Statistics (ONS).
Phil Brown, director of policy at B&CE, provider of the People’s Pension, said: “The gender pension gap is not going to close and is likely to widen unless policymakers facilitate the return of women, especially mothers. workplace. This will only happen if there is better access to affordable, good quality child care, as well as automatic enrollment reform.
A spokesman for the Department for Work and Pensions said: ‘Automatic Enrollment (AE) has helped more women save for a pension, with participation rates for women catching up with those for men. In 2021, 87% of eligible women working in the private sector participated in a company pension, up from 40% in 2012.
“AE was designed specifically to help women and other groups such as young people and low-income people, who have historically been poorly or less well served by the pension market.
“The government’s ambition for the future of auto-enrollment is to abolish the lower income limit and reduce the age of auto-enrollment to 18, which will improve financial resilience later in life. women and these groups.”