To compound some of these issues, a McKinsey study recently calculated that due to COVID-19, women’s jobs are 1.8 times more vulnerable to the crisis than men’s jobs. When it comes to planning for retirement, women have their work cut out.
What can we do about this?
Notwithstanding the countless political and logistical changes that need to be made to level the playing field, financial services can do more to balance the numerical scales. Awareness of the gender investment gap can also come from individuals; friends normalising the discussion of money which has always been a taboo subject.
While the media is increasing its coverage of the gender pay gap, more literature and education needs to be made available for women on the hidden problems they face because of lower pay.
This extends past the obvious loss of income and needs to encompass advice around other benefits that women subsequently miss out on, such as pension contributions.
Here are some tips to get people started, whether that be advisers actively looking to kick start a dialogue with female clients, or women themselves wishing to take matters into their own hands:
