The recent publication of research showing the European wide gap in pension provision for women reminded me of why I became a financial adviser.
As the HR manager for a large retailer, most of our employees were women. I was struck by how well women manage the family budget but took limited interest in their own financial well-being. That was the 1970s and I am shocked at how little has changed.
Most of the male clients I advise understand the need to provide for later life but most of the women in permanent relationships seem to remain oblivious to their own financial futures.
It takes a divorce or separation to sound alarms bells.
Given that saving for later life needs to start in our 20s, and is intended to provide for us for around 30 years after we retire, I need to find a way to communicate that fact to all those younger women who are just happy to ignore old age, hope they find a rich man, or win the lottery.
Any mums reading this, please ask your daughters, what are you doing about retirement income?
Any of those daughters who can suggest a way to get that message to all your mates, I am a good listener.
EU COMMISSION: PENSION GENDER GAP
Synopsis: The EU Commission has published a report considering the gender gap in pensions.
The EU Commission has published an independent experts’ report on the current situation of gender pension differences in the EU, building on its pioneering report in this field in 2013.
The Commission’s work on gender pension gap has been instrumental in paving the way to the adoption of the first ever Council Conclusions on this issue today, helping to shape future policy.
According to the report, the gender pension gap in the EU remains very wide, with women on average receiving pensions that are 40% lower than men’s. The gender pension gap varies greatly from country to country, ranging from a 4% to a 46% difference in pensions between men and women.