Recently we hosted an event in conjunction with a national initiative introduced by the Chartered Insurance Institute.  The theme was “Insuring Women’s Futures” and it deliberately coincided with National Talk Money Week on the basis that if you get women talking about issues through raising awareness then things might start to change.

Statistically the figures are slightly depressing:

  1. The average pension pot of a UK woman aged 65 is £35,800 compared to £179,000 for that of a 65-year-old UK man. A difference of 5 times!
  2. 52% of women in their late 20’s say they don’t understand enough to make decisions about retirement savings compared to 38% of men.
  3. The average woman pays £80 per month into their defined contribution pension compared to £149 for the average man.

There are many reasons for this, but the study found that there were essentially 6 ‘Moments that Matter’ and making key decisions during these stages will definitely improve resilience.

  1. Growing up, studying and requalifying – it often comes down to seriously thinking about the subjects you study at school and making practical choices based on future earning potential.
  2. Entering and re-entering the workplace – often women opt out of pension schemes to fulfil spending needs/wants now without thinking of the consequences
  3. Relationships, making and breaking up – divorce in later life for instance is probably the biggest risk to your financial resilience.
  4. Motherhood and becoming a carer – on average women spend twice as long as men on domestic work and childcare
  5. Later life, planning and entering retirement – over 56% of women hadn’t thought about retirement at all in the last 12 months compared with 40% of men.
  6. Ill health, infirmity and dying – it’s a well-known fact that on average women live longer than men hence a greater need to plan!

Women are great talkers and influencers and it would be great if you could check out the website and the Talk210k link which will tell you all about hosting your own event.  Check out the 12 Perils and Pitfalls that every woman should know and get talking.

If you are unsure about your own financial resilience, talk to us.

Amanda Cowie is a Chartered Financial Planner and Director of Robson Laidler Wealth based in Jesmond, Newcastle upon Tyne. E: