Women at risk of pension poverty due to childcare costs

Women in their twenties and thirties are risking pension poverty in later life, according to research published by the Fawcett Society. Sam Smethers, Fawcett Society Chief Executive, said: “The gender pay gap becomes a pensions gap in retirement. In particular women are taking a big hit on their pensions when they have children, but are not aware of the impact this will have on them in the long term”.

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The increased provision of free childcare for pre-school children is due to be rolled out to a select group of parents from September this year. In the meantime, parents who are not taking advantage of the tax and NI savings available with childcare vouchers should do so. Childcare vouchers are available to working mums and dads alike, for children up to the age of 15, and can save a family up to £1,866 per year. For more information about childcare vouchers  click here >