‘Gender parity is not just good for women – it’s good for societies’ – Angelica Fuentes.
As a woman today, most of us are acutely aware of the innate challenges our gender brings to our family, social and working lives. Phrases such as the ‘motherhood penalty’, the ‘glass ceiling’ and ‘gender pay gap’ are not new to us.
Research released to coincide with International Women’s Day this year revealed the devastating impact Covid_19 has had on the gender pay gap and outlined failings within Government policy to adequately support women’s finances during this time. Despite big efforts to address gender inequality, women still tend to earn less than men. They also save less and are more likely to have part-time jobs which pay below the earnings trigger for automatic enrolment into workplace pensions. The burden of childcare has also been shown to fall more heavily on mothers than fathers, which could impact perceived commitment and career development. Bear in mind, full economy parity was 257 years away, before the crisis hit.
Pre-Covid, it has been suggested that over half of all UK women have never owned an investment - so we need to ask ourselves why this is the case, Confidence? Knowledge? Adversity to risk? Time?
While disparities do exist, in principle, data shows women are open to investing - The main drivers appear to be lack of time, knowledge and confidence. Understandably, if female employees are juggling career demands and a family life, they may have little time left over for their personal ﬁnances.
So what can we do?
Just as we learn the building blocks of physical wellbeing from an early stage, we should educate to promote confidence, financial resilience and to empower women allowing them to overcome any financial needs/hurdles that they may face. The ability to understand, build, maintain and grow financial health is key.
Our recent webinar hosted by Morrinson Wealth Wellbeing titled ‘Planning for Financial Security’, explored Financial Wellbeing and expanded on the key topics every women should know about their money, such as:
- Budgeting and saving
- Financial first-aid
- How to provide for retirement
- Investment principles and attitude to risk
- Protection Insurance Planning for future lifestyle
Watch the full webinar below for more information:
Following-on from the success of this webinar, RegTech Women are keen to ensure that our members continue to feel supported and empowered with their finances, we want you to thrive not just survive.
As part of our continued partnership, Morrinson Wealth Wellbeing are offering our network a free, confidential, non-committal consultation with a qualified financial adviser - this offer can be taken-up at any time.