Mums ignore pensions in favour of flexible working

Mums are jeopardising their future financial security by putting their family first.

Nearly a quarter of women stop or reduce their pension contributions and other savings when they stop working to bring up children.

Only 47 per cent of women are saving properly for their retirement with many believing their partner’s pension will see both of them through the later life years.

When women do go back to work after raising children, most will only return part time.

Women increasingly believe that flexible working arrangements are just as important as a quality pension scheme, leaving them free to manage and raise their families.

Savings expert for Scottish Widows, Alison Morris says: “The many women who pause or stop working altogether because of childcare responsibilities are at a huge disadvantage when it comes to pension contributions. Clearly, women need more flexible working practices to help them juggle their working lives alongside their childcare responsibilities – without these, they’ll continue to lag behind men when it comes to saving for the future.  We want women to understand the impact that career breaks have on their pensions and encourage them to do what they can to minimise this, such as restarting contributions as soon as they can or by making additional payments before or after they take a break.”