Analysis of Office for National Statistics (ONS) data shows single-parent households have an average pension wealth of £24,000

Single parents face a ‘staggering’ retirement savings shortfall worth £73,000. Analysis of Office for National Statistics (ONS) data shows single-parent households have an average pension wealth of £24,000, compared to £97,000 for couples with dependent children, coming to a pension shortfall of £73,000.

The poorest single-parent households face an even bleaker situation, with pension savings of just £4,800 – nearly eight times less than couples with dependent children, who have £34,200 on average.

Myron Jobson, a senior personal finance analyst at interactive investor, said: “Household wealth among single-parent families with dependent children isn’t just lagging – it’s light years behind other household types.”

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“The financial burden of raising a family alone, coupled with lower earning potential and limited access to wealth-building opportunities, puts single parents at a severe disadvantage when it comes to long-term financial security,” he added.

“While dual-income households can build wealth together, single parents are often left treading water, struggling to save for the future,” Mr Jobson explained. “The wealth gap for single parents tends to affect women more, and the reasons are deeply rooted in both economic realities and societal norms,” he added.

“The financial pressures of raising a child alone don’t discriminate by gender, and single dads can also find themselves falling far behind in savings and pension provision,” Mr Jobson added. The poorest single-parent households have pension savings of just £4,800.

That is nearly eight times less than couples with dependent children, who have £34,200 on average. According to the latest figures from the Department for Work and Pensions, the average single pensioner has an income of £13,884 a year. For couples, that jumps to £29,172 between them. This is after housing costs.

Around 70pc of pensioner households have an income from a private pension. In total, 98 per cent receive the state pension. According to the ONS, the median average UK pension pot is £32,700, yet this varies significantly depending on age and pension type. For 25 to 34-year-olds, it’s £9,300, but for 55 to 64-year-olds it rises to £107,300.