Single parents carry the responsibility for providing financially for their families, which makes long-term planning especially important. While it can be tempting to focus only on immediate expenses such as housing, education and daily living costs, it is equally important to prioritise retirement savings. Every contribution made towards retirement today helps build financial security for the future and reduces the risk of becoming financially dependent on others, later in life.

An important consideration for single parents is making sure that they have protection in place should something unexpected happen. This includes reviewing the risk benefits available through the retirement fund, such as life cover and disability income protection. It is important to assess whether the level of cover is enough to provide for dependants’ needs, including ongoing living expenses, education costs and outstanding debt.

Estate planning is another critical aspect of financial planning. Single parents should ensure that they have an up-to-date will that clearly states how their assets should be distributed and who will be responsible for caring for minor children. It is also important to review beneficiary nominations on retirement funds and insurance policies regularly, as these help trustees and insurers identify dependants and intended beneficiaries.

Building an emergency fund can provide valuable financial resilience. Having accessible savings to cover unexpected expenses, such as medical bills, car repairs or temporary loss of income, can help prevent the need to withdraw retirement savings or incur expensive debt. Even small amounts saved consistently over time can make a meaningful difference during periods of financial stress.

Single parents should take a holistic view of their financial plan by balancing current family needs with future goals. Regularly reviewing budgets, reducing unnecessary debt, increasing retirement contributions when possible and seeking professional financial advice can help create a sustainable plan that supports both their children's future and their own financial independence in retirement. By taking proactive steps today, single parents can build a stronger financial foundation for themselves and their families.