Financial pitfalls primarily impacting women
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Financial pitfalls primarily impacting women
Research1 has shone a spotlight on the financial challenges that prevent women from accumulating the same wealth as their male counterparts.
The report found that having children continues to have a disproportionately large impact on women’s finances, as do other life events such as the menopause.
The findings
Amongst the report’s findings were the following statistics:
- A quarter of women continue paying into their pension at the same rate during parental leave, vs 70% of men
- Caring responsibilities (outside of childcare) have financially impacted nearly half of women
- One in 20 menopausal women have quit work due to their symptoms
- Only 55% of women return to work full time after their first child, compared to 90% of men.
Of course, no two women are the same and each will face different challenges on her journey to financial wellbeing. However, these statistics show that there are common threads here. Women continue to take the lion’s share of caring responsibilities, taking them out of the workplace and reducing their financial security not only in the present, but as they approach retirement as well.
Let’s do something about it – together
Despite the financial challenges women face, they remain less likely than men to seek professional financial advice2. As we move into 2024, make a New Year’s resolution – let this be the year that you empower yourself to succeed and get your finances on track for a prosperous future.
1AJ Bell, 2023
2Canada Life, 2022
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated.
It is important to take professional advice before making any decision relating to your personal finances. Information within this document is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from, taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor. No part of this document may be reproduced in any manner without prior permission.
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. If you withdraw from an investment in the early years, you may not get back the full amount you invested. Changes in the rates of exchange may have an adverse effect on the value or price of an investment in sterling terms if it is denominated in a foreign currency.
Information is based on our understanding of taxation legislation and regulations. Any levels and bases of, and reliefs from, taxation are subject to change.
Tax treatment is based on individual circumstances and may be subject to change in the future.
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