Women’s Financial Advice
Financial planning is important for everyone. However, there are some considerations that are unique to women such as longer life expectancy and caregiving responsibilities that lead to career interruptions. In particular, women face gender gaps in pay, pension, savings and investment compared to their male counterparts.
Gender pay gap:
According to ONS, gender pay gap is 14.9% for all employees in UK, which leads to less income available for savings and investment for women.
Gender investment gap:
In 2023, 52% of the men have invested, compared to 32% for women.
Gender saving gap:
In UK, women save 1/3 less than their male counterparts.
https://www.openaccessgovernment.org/
Gender pension gap:
By the time women reach pension ages, they have £136,800 less pension savings than men, which represents only 33.5% of men’s pension wealth.
Studies also show that women tend to be less financially literate and less conscious of pension planning compared to men.
We believe that financial education is important for women. Improved financial literacy and greater financial knowledge will help women make better financial decisions, achieve financial independence and achieve their financial goals in life.
Contact us on how we could support you in your journey.
No Obligation Consultation
Financial planning is not a one-size-fits-all exercise. We understand the unique needs of women when it comes to financial planning.
- Women’s life expectancy is longer, 82.9 years in 2018/2020 compared to 79.0 for men during the same period, according to ONS. In 2021, UK government statistics pointed out that men’s mortality rate is 38% higher than that of women.
- Women are living longer but are more likely to be without a partner in their later years.
- Women are seven times more likely to experience career breaks due to maternity leave, child caring and other family caring responsibilities. Which is likely to have a negative impact on their income and their pension contributions/savings.
- In the UK, the median pay for all UK employees was 14.3% less for women than men as of April 2023. Gender pay gaps also contribute to lower income and lower retirement savings.
- Women suffer worse financial consequences following divorces. According to Legal and General, women see their income fall 33% post divorces compared to 18% for men.
At Fatgreen Consulting, we help you make informed decisions based on a simple, apathetic and holistic approach. So you can achieve the financial freedom and security that you desire.
No Obligation Consultation
