Mind the gender gap in finance

Despite efforts by businesses and governments to tackle the gender pay gap, it remains a significant challenge for women. Estimates suggest it will take 257 years to achieve global pay equality.

This is accompanied by other financial barriers such as insufficient maternity cover, childcare costs, and the perception of men as the primary decision-makers in investment matters. In a recent interview with The Scotsman, Rhian Morgan highlights the gender pay gap as a major hurdle. Estimates suggest it will take 257 years to achieve global pay equality.

The situation is compounded by women pausing pension contributions during maternity leave, given the limited support provided. This, in turn, leads some women to return to work part-time, resulting in lower salaries and pension contributions. Although there is a positive shift with more men taking parental leave and working part-time, the majority of such adjustments still fall on women.

Addressing this issue involves encouraging women’s active participation in financial discussions. Additionally, differing attitudes toward money between men and women contribute to challenges, potentially hindering women from launching businesses and obtaining funding as entrepreneurs.

While there is now more information available than ever, the key is making it accessible to women in their daily lives. This involves ensuring that busy women, often managing family life, know where to access information about aspects like additional funding for pensions.

Read the full article here.

Editor’s Notes

Published in The Scotsman November 2023.

The information provided is the opinion of Rhian Morgan, Certified Financial Planner and Director of Acumen Financial Planning. This content should not be regarded as advice. Should you wish to enquire about the content of this article, please get in touch.