This year, we celebrate 100 years since British women got the vote, and nearly 50 since women won the right to equal pay for equal work. It would seem that, by now, women should be able to look forward to a more equal and secure future than their mothers and grandmothers.
Sadly, the latest statistics from the Chartered Insurance Institute indicate that there is still a serious need to improve women’s relationship with money and risk and properly address gender financial stereotyping. Their report makes for pretty grim reading.
- Only 37% of women aged 18-24 years feel very confident managing their money, compared with 48% of men.
- 52% of women in their late 20s say they do not understand enough to make decisions about retirement savings, compared with 38% of men.
- 1/3rd women in their 30s say their money wouldn’t last 1 month if they lost their main source of income.
- 71% of divorced people did not discuss their pension during divorce proceedings, leaving women missing out on £5bn every year.
At Magenta, the team is working hard to break down some of these issues, to educate, empower and support women to understand their finances better, explore their options with confidence and make more informed decisions.
Our experience is that women gain a great deal of confidence when they talk with someone they feel will work with them to explain the necessary details without being patronising or using jargon.
Magenta’s message is that it is possible to understand and enjoy looking after your finances and that taking control can be empowering – enabling you to be happy and lead a fulfilling life without worry.
If you are interested in speaking to the team about your financial planning, please get in touch on 01656 760670.