Three in five divorcees don’t even discuss pensions as part of their financial settlement, meaning that on average, a divorced woman leaves her marriage with just a quarter the retirement savings of her ex-partner.
So, when you are talking to men with partners, or couples together, try and encourage the women to take more of an active role if you can.
For clients who do take a career break while their partner is still earning, suggest that they talk to their partner about making contributions into their pension too.
This will mean they are continuing to build up their own pot - even when they are not working - making them less reliant on their partners’ savings in later life.
It is also key to remember that women’s financial journeys are different from men's. Often, financial advice directed at women makes certain assumptions – one of those being that they will have children, and another being that they will be the one who takes the career break.
And, while this might be right for many, it certainly won’t be right for all, so it is important to understand a women’s individual circumstances, and not to pigeon-hole them or rely on ‘general advice’.
Financial advice must be personal. It is about following your own goals, not a set path that someone else has designed for you. This is a key message that advisers can promote to their female clients and prospective clients.
Women have more financial freedom and power than ever - according to the Centre for Economics and Business Research, women will hold 60 per cent of the UK’s wealth by 2025 - so there has never been a better time - or opportunity - to help them take control of their own financial futures.
Michael Stimpson is partner at Saltus
