Pension wealth of single mothers in Stamford and Rutland faces all time-low
There's currently under one million single mothers working in the UK
Single mothers across Stamford and Rutland could be seeing their pension wealth hit an all-time low.
The research, conducted by Now: Pensions, shows that the average worth has plummeted by 40% in the last two years.
The overall value now sits at £11,000, whereas the average pension wealth for single mothers in 2020 was £18,300.
The Pensions and Lifetime Savings Association's (PLSA) retirement living standards suggest an income of £20,200 a year is needed to live a 'moderate lifestyle'.
That means single mothers retiring with a pension worth £11,000 could face pension poverty.
Affording the day-to-day
Some single parents are having to opt-out of paying into pension schemes to get the extra cash up front and help pay the day-to-day cost of living.
That's what Emma Hotchkin from Lincolnshire says - she's a single mother that does have a pension, but has experienced the difficulties of the poverty line.
"I know there's a lot of people who aren't in that position to be able to sign up to the auto-enrolment, they choose to opt-out because they need that extra money. I mean, an extra five pounds can make a massive difference if you are living literally pay check to pay check.
"I have been in a position where it is near the poverty line. You're making choices between being warm and eating at that point, and it's not a fun decision to make.
"You just think I've got this small person I need to look after and make sure that they are fed and clothed, but you can't think beyond the day-to-day and think 'what can I do in the future to save'... you don't really think about that, you think about the here and now and what you can do to support your child."