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Rather than just focusing on the take-home amount, pensions show how the gender salary gap can have an outsized effect over time.<\/p>\n
While a smaller wage for the same job is itself problematic, if the same percentage number of both salaries is paid into a workplace pension, the smaller salary pays a smaller amount in. And, over time due to the impact of compounding, a larger starting number will have a far greater return decades down the line when the pension is needed.<\/p>\n
An additional sticking point is that, when it comes to spare money to save from the take-home pay, the lower salary has less available for either long-term saving or investing into a personal pension plan,. Research from Royal London shows women have 42p put towards retirement for every \u00a31 men save.<\/p>\n
Meanwhile, there are concerns over Rachel Reeves\u2019 reported plans to cap salary sacrifice schemes. The Treasury may raise \u00a33-4bn through limiting the National Insurance relief on payments made into pensions – but this could instead lead people to simply not pay as much into their workplace pensions, taking the money in their pay packet instead and not saving as much for retirement.<\/p>\n
A snap poll ahead of the Budget from pension provider Penfold – though with a limited number of respondents – suggested almost three-quarters (73 per cent) of people believe the government will not protect pensions in the upcoming Budget.<\/p>\n
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The prospect of people continuing to under-save for retirement means living standards later in life could only continue to deteriorate – and that may be a bigger problem for women who have less money behind them to begin with.<\/p>\n
Sarah Pennells, personal finance expert at the company, has pointed out that women have mid-career additional barriers to overcome too.<\/p>\n
\u201cMenopause in the workplace needs attention. It\u2019s an issue that is not only impacting women\u2019s financial futures through missed pension contributions, but is also resulting in a significant loss of talent and experience for UK employers,\u201d she said.<\/p>\n
Ms Harding also added that pensions can get overlooked during divorce settlements when the people involved are more focused on property, child care or other assets, and encouraged those going through the process to seek professional advice on a complex topic.<\/p>\n
New research from Canaccord Wealth suggests almost three-quarters (72 per cent) of women are actively taking steps to manage their finances, yet fewer than two in ten (18 per cent) say they feel in control of money matters.<\/p>\n
Getting started on doing something is key to overcoming that barrier, says one expert – with many people finding the thought of a financial admin task is actually tougher than completing the task itself.<\/p>\n
Alice Wright, investment director at Canaccord Wealth, said: \u201cThe core challenge for many women is not the task itself, but the thought of the task at hand. Most financial actions \u2013 from checking pensions to updating a budget \u2013 can be completed in less time than it takes to scroll social media or run a short errand. But for many women, it\u2019s the stress and anxiety that financial and wealth planning presents. It is really important for people to feel that they can grow their wealth with confidence and we\u2019re not seeing enough of that.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Your support helps us to tell the story From reproductive rights to climate change to Big Tech, The…\n","protected":false},"author":2,"featured_media":304916,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[45,49,48,133,131,132],"class_list":{"0":"post-304915","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-business","9":"tag-ca","10":"tag-canada","11":"tag-finance","12":"tag-personal-finance","13":"tag-personalfinance"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/304915","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=304915"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/304915\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/304916"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=304915"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=304915"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=304915"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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