Mums need financial help now

Responding to today’s (Monday) Social Market Foundation report calling for the state to contribute to pensions of women who took time out for caring responsibilities, and a new Pregnant Then Screwed report showing parents are having to leave jobs due to high childcare costs, Young Women’s Trust Chief Executive Sophie Walker said:

“Two major reports today highlight the huge financial problems facing women who take time out to care for children and family members.

“Pregnant Then Screwed has found that one in five parents have had to quit their jobs due to high childcare costs. The Social Market Foundation’s research shows that the care burden is leaving women with smaller pensions and at risk of poverty.

“This is not a problem that can be solved by a single silver bullet; women deserve more than one option.

“This is an inequality that starts at a young age – and therefore needs to be tackled from a young age. Young Women’s Trust research shows that, for young mums, an hour’s childcare costs more than an hour’s wages – shutting many out of work and in poverty. It’s important to recognise the impact this has on their pension pots. But young mums need help right now – and our economy is crying out for more workers in key sectors.

“Young women are the talent this government needs to address the skills and productivity gap. The government must stop ignoring these young women and start addressing the barriers to young women’s economic justice.”