About Time: We Discussed the Pension Gender GapBy Angelica Malin
Advertorial with Aviva
In a time of financial and national uncertainty the last thing we all want to know is the stuff you didn’t really know. Or perhaps expect, in 2019. For example, did you know the average woman can lose up to £223,000 in earnings 1 and £106,000 in pensions 2 over her lifetime? Nope, neither did we. Here at About Time, we’d like to empower women to close the gap once and for all. This could be by starting to talk and think about your finances, perhaps by hearing from women who are positive role models in this area? Here’s a few ideas for ways we can help close the gender pay gap together:
Keep on track of investments
One way women can boost their finances could be to move some cash from a current account to an investment account, this helps you plan for the future as the money you put aside is conveniently away from your everyday spend and can potentially form a viable long term proposition (such as saving for a mortgage for the dream house you’ve always wanted). However, it’s very important to remember that the value of your investments can easily go up or down and you could get end up with less than what was invested. It’s advised to plan ahead for the worse case scenario as it’s better to be safe than sorry.
Keep up with pensions & National Insurance contributions.
Put away savings
Save, save, save! A little saving goes a long way. If you saved an extra £40 into your pension every month from age 30 until the state pension age, who knows where it could take you! It’s never too early or too late to save, as long as you do it in the right way and feel totally comfortable with what you are putting aside.
Pay fair
Challenge your employers. We have to close the gender pay gap together. Make sure you’re paid fairly by speaking to other professionals doing the same role or checking salaries on websites like LinkedIn and Glassdoor before you raise the issue with your employer.
References
1 Young Women’s Trust https://www.independent.co.uk/news/business/news/gender-pay-gap-wages-young-womens-trust-reporting-deadline-discrimination-a8279186.html
2 https://www.insuringwomensfutures.co.uk/wp-content/uploads/2018/01/Risks-in-Life-Report.pdf
