Financial pitfalls primarily impacting women
Research by AJ Bell has shone a spotlight on the financial challenges that prevent women from accumulating the same wealth as their male counterparts.
The report found that having children continues to have a disproportionately large impact on womenâs finances, as do other life events such as the menopause.
The findings
Amongst the reportâs findings were the following statistics:
âĒ A quarter of women continue paying into their pension at the same rate during parental leave, vs 70% of men
âĒ Caring responsibilities (outside of childcare) have financially impacted nearly half of women âĒ One in 20 menopausal women have quit work due to their symptoms
âĒ Only 55% of women return to work full time after their first child, compared to 90% of men.
Of course, no two women are the same and each will face different challenges on her journey to financial wellbeing. However, these statistics show that there are common threads here. Women continue to take the lionâs share of caring responsibilities, taking them out of the workplace and reducing their financial security not only in the present, but as they approach retirement as well.
Letâs do something about it â together
Despite the financial challenges women face, they remain less likely than men to seek professional financial advice (Canada Life, 2022). As we move into 2024, make a New Yearâs resolution â let this be the year that you empower yourself to succeed and get your finances on track for a prosperous future.
Get in touch with our team today and start your financial journey – www.audleywealth.com/contact-us/
*Content is for informational purposes only
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