Lloyds Banking Group’s Post

💡 We recently hosted an event alongside 100 Women in Finance, aimed at engaging women with their pension and empowering them to take control of their financial futures. Among other things, the event helped to illustrate the hidden differences between male and female pensions, one of the most prevalent being the average amount in the funds themselves. 📊 Pension inequality is a significant issue affecting women in the workplace, with the average pension income for retired women being 35% lower than that of men. In this article, our Head of Wealth and Financial Planning Sinead Cullen explores the impact of pension inequality in the workplace and why businesses should drive to educate their employees about the gender pension gap and how to navigate it to secure their financial futures. 🔗 Read the full article here > https://lnkd.in/eZ3FNPTp #pensions #pensioninequality #financialplanning #wealthmanagement #womeninfinance

Did you know - women are drawing the short straw when it comes to our pensions? 📢 Data from NOW Pensions has found that on average, women spend 10 years away from the workforce to raise families or take on other caring responsibilities. This career gap amounts to an average of £39,000 in lost pension savings. Another organisation that is raising awareness is The WASPI - Women Against State Pension Inequality - Campaign. They are fighting for justice for all women born in the 1950s (on or after 6th April 1950 to 5th April 1960) affected by the changes to the State Pension Age (SPA). The more people that are aware of this issue, the greater the chance of generating support and positive change for women and their money! Are you worried about your pension or have felt the effects of unequal payout? #Pensions #GenderGap

💡 Did you know? Women face a significant gap in pension wealth compared to men, despite often needing more in retirement due to longer lifespans and higher care costs later in life. 📊 The reality: • Median pensions are often structured around married households, with men receiving the majority of the benefits. • Yet, women are more likely to require additional financial resources to cover healthcare and other costs as they age. 🌟 This gap highlights the urgent need for women to proactively plan for their financial futures. Secure your independence, invest in your goals, and take charge of your retirement story. Let’s close the gap—together. 💼✨ #financialempowerment #womenandwealth #mindthegap #pensionsmatter

On average, women retire with just half the #pension of men. That’s a huge disparity! 📉 But did you know that more women participate in #pension plans than men, whether working full-time or part-time? (Source: ‘Mind the Gap: Reducing the Gender Pension Gap,’ Pensions Equity Group, June 2024; Office of National Statistics). So, what’s causing this pension savings gap? 🤔 Find out here: https://bit.ly/4eYWjFk #PensionGap #GenderEquality #RetirementPlanning

🌸 Today is United Nations' international day of the girl child 🌍, and it’s a good day to talk about the gender pensions gap. 👩🏻 🚨 The gender pensions gap isn’t just a retirement issue — it’s a lifetime challenge. We’re campaigning to close the gap. Our research of the PPI found that to close this gap and retire with the same amount of money as men, women would need to start pension saving at just three years old. Take this opportunity to pay your pension some attention and ensure you get the retirement you deserve. 💡 Learn more here: https://lnkd.in/eD6QXVhU #PensionAttention #AutoEnrollForAll #FaceForward #PensionEquality #DayOfTheGirl

Earlier today, I had the chance to be part of a webinar with Anna Lane, Edwina Dunn OBE, Rowena Humby, and Michael Fisher where I talked about the latest findings from Scottish Widows 20th Women and Retirement Report.   We discussed how understanding your audience and communicating in a way that resonates with them can make tough topics like pensions and investments more engaging.   It was also a moment to reflect, as despite progress, a significant gender pensions gap persists, with women still saving 30% less than men for retirement. This year’s report not only highlights the challenges but also lays out our bold policy recommendations—from extending auto-enrolment to revisiting joint financial planning—designed to drive meaningful change.   Together, we can build a future where every woman is fully supported on her path to a comfortable retirement.   Read my latest article on what can we do to help to close the gap: https://lnkd.in/eV9YJUv7

The latest findings from Fidelity International are disturbing: 52% of women in the UK don’t believe they will have enough money to sustain their income in retirement. This study reveals that economic pressures force many women to de-prioritise their long-term financial futures. Women face unique challenges in securing their financial futures, and the widening gender pensions gap, now averaging 43.3%, only exacerbates this issue. If you or someone you know is concerned about retirement planning, please contact my team at Select Investors here: https://lnkd.in/gCKxxznf 

💡 Insights on gender pensions gap: EIOPA experts analyze the social and behavioral aspects contributing to the gender pension gap in Europe. Key findings include: 🔹 Women receive lower pensions than men, due lower wages, to career breaks and part-time work. 🔹 Behavioral factors, such as risk aversion, short-termism, income uncertainty and financial literacy, also play a critical role. They can deepen the gender gap when it comes to investments and private pensions. 🔹 Structural and social barriers should be addressed to reduce the gender pensions gap. Among others, it includes rethinking how the pension system is designed and incrementing societal and investment behavioural changes. Read the thematic article to find out more: https://lnkd.in/er33x7uv #GenderEquality #PensionGap #FinancialInclusion #EIOPA Marie Scholer Méndez Lucian Patulea, CFA

Excellent article which shows that behavioural and social considerations are equally important to take into account if we want to close the gender pensions gap #GenderEquality #PensionsGap #FinancialInclusion #EIOPA