Bridging the Financial Gap for Women

By Director, Chartered Financial Planner, Deb Jacobs

The gender-pension gap presents significant challenges for women. On average, we retire with less than half the income men receive, yet we typically live 4 years longer. When it comes to preparing for retirement, we haven’t always had the focus we deserve, so planning is vital.

On International Women’s Day, we highlight how women can take control of their finances, securing a stronger future for themselves and their family.

Prioritise Your Pension

As women, we often place the needs of others ahead of our own, so financial planning beyond day-to-day needs often falls to the bottom of the ‘to-do’ list. It’s never too late— or too early — to prioritise your pension. Starting early gives you the advantage of compound growth, essentially earning growth on growth. Interestingly, studies show that women often outperform men as investors, thanks to our disciplined, patient approach. Strategies like consolidating pension pots or increasing contributions can boost your retirement prospects, even when starting later. Increasing contributions isn’t always easy, or an option, but having a plan can increase your chances of achieving your goals.

Understand Your Pension

Review your current contributions. A clear understanding of where you stand is the first step but something we tend to put off. After a long day, ‘pensions’ are not something I want to delve into, but knowledge is power and once you understand your starting point, you can build on it.

Maximise Opportunities

Take advantage of workplace pension schemes and explore tax-efficient savings options, like ISAs or salary sacrifice. These can boost your retirement fund, forming part of a wider plan.

Create A Plan

As women, we tend to like a plan, so why should financial planning be any different? With a plan, you’re more likely to achieve your goals and it’s the same for your finances.

Get Expert Advice

Many of us reach out to an expert when we need help – a solicitor for a Will, even a personal trainer for fitness goals. Why not reach out to a financial expert?

Feeling good about your finances can help overall wellbeing, reducing stress, enhancing emotional and physical health, and letting us focus on what matters. PenLife is committed to supporting you on this journey, providing time and understanding to help you feel confident in your decisions. Call 01904 661140 or email enquiries@pen-life.co.uk for a no-obligation chat. Our first consultation is free – a perfect opportunity to discuss your concerns.

Alternatively, request our guide, 10 all-important questions to ask yourself in the 10 years before you retire’ by clicking here.

Please note

This article is for information only, doesn’t constitute advice and is aimed at retail clients. Investments can fall or rise, and you may not get back the full amount invested. Past performance isn’t a reliable indicator of future performance.