Have you ever thought about the additional financial challenges faced by women? If not, a new report* has taken a closer look at the reasons that can and are preventing women from accumulating the same wealth as their male counterparts.
It really does make interesting reading and highlights that (perhaps to be expected) having children continues to have a disproportionately large impact on women’s finances. This sits alongside other life events, including the menopause and non-childcare-related caring responsibilities.
Key findings
The headline statistics revealed include:
A quarter of women continue paying into their pension at the same rate during parental leave, this compares with 70% of men
Nearly half of women have been financially impacted by caring responsibilities (outside of childcare)
1 in 20 menopausal women have left work due to their symptoms
Just 55% of women return to full time work after their first child, this compares with 90% of men.
Although no two women are the same and face different financial challenges, this data does recognise that there are common threads. With women continuing to fulfil the prime role in caring responsibilities, this not only impacts their financial security now but still impacts it as they approach retirement. And the menopause is clearly taking its toll too. Support is required.
Focus for the year ahead
Despite the financial challenges faced by women, they remain less likely than men to seek professional financial advice**. Why not make this be the year that you empower yourself to succeed and get your finances on track for a prosperous future.
*AJ Bell, 2023
**Canada Life, 2022
Approver Quilter Financial Services Limited & Quilter Mortgage Planning Limited. 12/01/2024
The value of investments and pensions and the income they produce can fall as well as rise. You may get back less than you invested.