“This report clearly highlights the “moments” that are really important if women are to avoid the disrupted financial journey many women experience today. From career choice and education to relationships, motherhood and health, we need to look at each of these factors and ask ourselves and the government, whether more could be done to prevent young women of today being worse off financially than their mothers and grandmothers.
“These factors are compounded by the shift from defined benefit to defined contribution pensions and from marriage to greater cohabitation, which both increase the need for women to ensure they plan for their retirement as individuals and don’t rely on a partner for pensions, savings and protection.
“Women face an uphill struggle when it comes to saving, and are more likely to be constantly juggling life, career and kids leaving little room for managing their finances. But it’s crucial that they actively engage with their financial plans and pension savings – burying heads in the sand is simply not an option. This shouldn’t be an issue which is looked at just by women. In today’s world, couples should discuss their finances together to make sure both partners are on track for individual financial security.
“Knowing how much they need in retirement and how much they have saved is a good starting point for everyone, including women, managing their finances. Knowledge is power after all, and the more they do now to build up their pension knowledge the better their retirement will be.
“The industry, the government and employers have an important role to play in this, be that through providing online tools, supporting people with their financial planning in the workplace or encouraging engagement with professional advisers.”
Securing the financial futures of the next generation report
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