Closing the Gender Pension Gap UK
6 Tips for Women
Women, did you know that you may be facing a greater risk of having less savings in retirement than men?
This is due to several factors including the gender pay gap, career breaks, and longer life expectancy.
However, the good news is that with some knowledge and proactive steps, you can bridge the gender pension gap and ensure a secure financial future.
What Causes the Gender Pension Gap?
The gender pay gap is one of the major contributors to the pension gap. Women tend to earn less over their careers, leading to lower savings towards their retirement. Career breaks, such as taking time off work to care for children or relatives, can also result in gaps in their work history and ultimately, lower pension savings. And with longer life expectancy, women need more money in retirement to cover their costs.
As a woman, it's crucial to take control of your financial wellbeing and bridge the pension gap.
Here are 6 top tips to empower women towards the pension lifestyle they want...
1. Start early
The earlier you start saving, the more time your money has to grow. Consider starting a pension as soon as possible, even if it's just a small amount.
2. Take advantage of employer contributions
If your employer offers a pension scheme, make sure you're contributing enough to receive the full employer match. This free money can significantly boost your retirement savings.
3. Make use of tax relief
If you're paying into a pension, the government will add extra money through tax relief. Make sure you're getting the maximum amount of tax relief available to you.
4. Explore other savings options
In addition to a pension, there are other savings options, such as ISAs and savings accounts, that can help you build a nest egg for retirement.
5. Know the difference between financial advice and guidance
It's important to understand the difference between financial advice and guidance. Financial advice is personalised and tailored to your specific financial situation, while financial guidance is more general and provides information on different options.
6. Talk about your financial wellbeing
Discussing your financial wellbeing with your coworkers, family, or a financial professional can help you identify gaps in your financial education and provide you with the resources to fill them.
Closing the gender pension gap is crucial for ensuring women have the financial security they need in retirement. By taking control of your financial wellbeing and seeking the right resources, you can secure a comfortable future for yourself and your loved ones.
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