The impact of career interruptions, lower earnings, and lower pension contributions add up over time, leaving many women with significantly less retirement security.
A recent report by Scottish Widows indicates that, 42% of women are not on track for even a minimum lifestyle in retirement, compared to 35% of men. The longer life expectancy factor only amplifies the challenge, as savings need to stretch further. The push for pension equality is ongoing, but given the slow pace of change, it’s wise for individuals to take proactive steps. Open discussions with partners about pension planning, leveraging government tax relief, and securing National Insurance credits through Child Benefit registration—are all important strategies to help close the gap on a personal level.
Lovewell Blake Financial Planning emphasises the importance of seeking professional advice. According to the recent report around 39% of female investors have never used a financial adviser compared to 45% of men. Among those that have used an adviser, women are much more likely to utilise one off advice - 57% of women vs 47% of men.
Another crucial aspect is financial education and seeking professional advice early. Encouraging women to take charge of their financial future, regularly review their pension savings, and explore additional investment opportunities could make a significant difference over time.
Lovewell Blake Financial Planning is committed to helping individuals navigate these challenges and secure a more equitable financial future. By providing tailored advice and support, they aim to empower women to bridge the pension gap and achieve greater retirement security.