How to protect your pension if you are a stay at home parent

Statistically, the parent who stays at home and looks after the children – mum or dad – is the least likely to save for retirement. So, if you’re about to make that leap you need to consider your retirement spending now, as much as babygros and saving for your child’s university fees. Figures from 2015 show that there are now around 2 million stay at home mums in the UK, down from 3 million in 1993. The number of men who now stay at home with the kids has risen although still not to equal numbers. There are now 111,000+ stay at home dads, as opposed to 235,000 in 1993. The shifts in these numbers show that more and more people are choosing (or having) to work but what happens if you don’t? Most UK workers will now find themselves part of a pension scheme but for those who stay at home there’s no such thing. So how can you ensure you have some pension provision if you’re a stay at home parent? The state pension Although the state pension is likely to be barely enough for
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