The Chartered Insurance Institute has launched a campaign to get financial advisers, insurance professionals and others talking to more than 10,000 people about money over the course of this week.
Called Talk to 10,000 and part of the CII’s Talk Money Week (November 18 to 22), the aim is for each individual to talk with at least 10 men, women and children about moments that matter in a woman’s life, to help improve women’s financial resilience.
As part of the Insuring Women’s Futures project, set up by the CII to help encourage more women to take control of their financial health, the Talk to 10,000 campaign will pinpoint certain moments, such as moving home or starting a job, as opportune times for women to engage with financial services professionals.
Sian Fisher, chief executive of the CII, said: “In order for women to improve their financial futures, we need to start talking more openly about the financial consequences of our decisions.”
The challenge was set in July following the launch of the Insuring Women’s Futures report, authored by Jane Portas, partner at PWC.
The report found that many women still lack financial resilience and are often at a significant financial disadvantage to men. For example, of women in their late 50s who expect to rely primarily on a private pension, 10 per cent have just £18,000 in pensions wealth.
This problem could get even worse as millennials face even tougher financial challenges.
According to the report, only 54 per cent of 22-29 years are active members of a private pension scheme – less than the 64-66 per cent of people aged 30 and over, although this may change as automatic enrolment kicks in.
Ms Fisher added: “If you want to retire at 60 then you need to have saved for a pension that is capable of lasting as long as your salary earning years did.
“You need to know what action you can take to make sure a career break to raise children or care for relatives doesn’t result in a depleted pension pot and impoverished retirement. That is why I created the Talk 2 10K challenge.”
Anita Boniface, founder of the Women Matter forum, said: “The CII initiative is incredibly important. Even in contemporary society, women face additional challenges to men when it comes to our financial futures.
“Talk to 10k not only raises awareness of financial inequalities but also highlights moments in women’s lives to address the risks and opportunities for more secure financial futures. Women Matter supports this initiative as equality helps women flourish in society.”
What do you think about the issues raised by this story? Email us on email@example.com to let us know.