Despite efforts by businesses and governments, the gender pay gap remains a significant challenge for women. Alongside this, women face other financial hurdles such as insufficient maternity cover, high childcare costs, and the perception that men are the primary decision-makers in financial matters. In a recent interview with The Scotsman, Rhian Morgan emphasised the gender pay gap as a major obstacle, with estimates suggesting it could take 257 years to achieve global pay equality.
The issue is worsened when women pause their pension contributions during maternity leave due to limited support. This often leads to returning to work part-time, resulting in lower salaries and reduced pension contributions. While there is a positive trend of more men taking parental leave and working part-time, most of these adjustments still fall on women.
To address this, we need to encourage women to actively participate in financial discussions. Different attitudes toward money between men and women also contribute to the challenges, potentially hindering women from starting businesses and securing funding as entrepreneurs.
Although there is more information available now than ever before, the key is making it accessible to women in their daily lives. It’s crucial that busy women, who often juggle family responsibilities, know where to find information about things like additional funding for pensions.
Read the full article here.
Editor’s Notes
Published in The Scotsman November 2023.
The information provided is the opinion of Rhian Morgan, Certified Financial Planner and Director of Acumen Financial Planning. This content should not be regarded as advice. Should you wish to enquire about the content of this article, please get in touch with your financial planner.
SpringGen Advice Limited (FCA no: 928966) is an appointed representative of Acumen Financial Planning (FCA no: 218745), authorised and regulated by the Financial Conduct Authority.
