Actionable Steps for Women to Take Control of Their Finances
Actionable Steps for Women to Take Control of Their Finances The gender pension gap is a startling statistic – the average woman in her 60s has only 20% of the pension wealth of the average man in his 60s. This significant disparity can leave women facing financial insecurity and even poverty in their retirement years. In a recent episode of the “Women, Work, and Wellbeing” podcast, financial advisor Amanda Redman dove deep into this critical issue, sharing her insights and providing practical advice to help women take control of their financial futures. Here are the key themes that emerged from the discussion:
- The Motherhood Penalty
When women take time off work to care for children, their earnings and pension contributions are disrupted, putting them behind their male counterparts. This “motherhood penalty” is a major driver of the gender pension gap.
- Unconscious Bias in the Workplace
Outdated attitudes and practices in many companies continue to hold women back from advancement and equal pay. This unconscious bias translates directly to lower lifetime earnings and pension savings for women.
- The Importance of Financial Involvement
Too often, women leave the management of household finances and long-term planning to their partners. Amanda emphasized the importance of taking an active role in your personal finances, setting goals, and understanding your assets and liabilities.
- Advocating for Change
Women must use their voices to push for fair remuneration and career development policies in the workplace. Companies need to review their practices to address gender inequities and ensure women are compensated equally.
- Planning for the Unexpected
Crises like illness, divorce, or the death of a spouse can have devastating financial consequences, especially for women. Amanda advised having adequate insurance and savings to protect yourself in these situations. The gender pension gap is a complex, systemic issue. But by taking control of our finances, advocating for change, and planning for the future, women can work to close this gap and secure their financial wellbeing. It’s time to take charge of our destinies and ensure a more equitable retirement for all.
Listen to this insightful conversation with Amanda Redman now. Available on al podcast players.
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