Income inequality | Report reveals shocking disparity in pay for single parents

Single parents have the lowest average income for both men and women, according to the latest research.

On Single Parents’ Day, data from NOW: Pensions reveals single fathers earn 32% less than the ‘average’ man, while women fare even worse, with single mothers earning 53% less than the ‘average’ man and 37% less than the ‘average’ woman. The data also reveals single mothers have the lowest rate of labour market participation of all groups - which will significantly impact their ability to save enough into their pensions for retirement.

In the UK, women retire on average with just £69,000 in their pension pot - that’s two-thirds less than men, who retire with an average of £205,000 saved.

Research by NOW: Pensions and the Pensions Policy Institute (PPI) reveals the one of the biggest causes is the differences in working patterns between men and women over the course of their lives. On average, women spend 10 years away from the workforce to raise families or take on other caring responsibilities. This career gap amounts to an average of £39,000 in lost pension savings.