Your IndustryNov 20 2013

“Women need financial literacy”

twitter-iconfacebook-iconlinkedin-iconmail-iconprint-icon
Search supported by

The vice-principal of the IFS University College said while both men and women in the UK need to be financially literate, there is a greater need among women.

She said: “Women have a lower market participation and lower earnings. Combine this with a discontinuous career and longer life expectancy, and it is clear that women need more help to manage their finances.”

Her comments came after a special meeting on financial literacy held by the Organisation of Economic Co-operation and Development (OECD), in which global leaders were called on to advance financial literacy.

Ms Pask said: “Bodies such as the World Bank have been charged with identifying the barriers to women’s financial health and to provide a way forward.”

According to the OECD, Hungary and Russia are making huge strides forward to improve the situation, while Western Europe still lags.

Ms Pask added: “The IFS has seen more young women studying finance both at GCSE and A-level equivalent, but we do need more women to pursue careers in the City.”

Adviser view:

David Thomas, joint managing partner of Fleet-based Chadney Bulgin, said: “With workplace platform and auto enrolment helping to bring more people into pensions, this will improve their awareness of the need to save.

“I absolutely support any initiative that helps to educate people about their finances.”