1. Mind the gap: can I still boost my retirement savings?
Dream holidays. Family outings. Home alterations. Care costs. Retirement can be more expensive than you think. Women approaching State Pension age are already at a financial disadvantage when compared to their male counterparts.
On average, men contribute 27% more to their pension savings per month than women. The gap increases closer to retirement with men aged 60 or over contributing 41% more than women.
Will I have enough money?
This disparity in contributions could be storing up trouble for the future. Nearly 40% are worried that their pension won’t fund a comfortable retirement – and they’re right. Only 32% of women are expected to achieve a moderate or comfortable retirement compared with 45% of men.
There’s good news: it’s not too late to boost your retirement savings, whether that means topping up private pension funds or plugging gaps in National Insurance contributions.
How can I keep track of my funds?
Pensions can be complicated, so it’s a good idea to seek expert advice before taking any action – especially if you’ve made contributions to multiple workplace or private schemes. Only 29% of women say they feel confident combining or transferring pensions compared with 44% of men.
2. Take stock: how can I become a more confident and effective investor?
We know that investing can feel daunting. Half of women do not feel investing is for them compared with 38% of men. As a result, only 26% of women invest in a stocks and shares ISA compared with 37% of men.
How can I balance risk with reward?
Instead of exploring alternative investment options, 66% of women aged over 55 prefer traditional bank accounts, which are unlikely to keep pace with inflation.
Risk is a key factor for women when managing their finances in later years: 48% of those aged 55-plus say they would not consider investments involving financial risk. However, only 27% of men in the same age group feel this way.
How can I make my money work harder?
Developing a clear investment strategy with your Finli planner will allow for a balanced approach to risk and reward.
By becoming a more confident and effective investor, you can take control of your financial future and empower the next generation of women to do the same.
3. A lasting legacy: how can I plan for an inheritance?
Faced with an impending pension or savings shortfall, it’s understandable that funds from a potential inheritance might become part of your financial plan in later years.
Although women are 45% more likely to have inherited assets than men, they are less likely to have taken expert advice. Nearly 70% of men have discussed investing their inheritance with an adviser compared to 43% of women.
How can I minimise Inheritance Tax bills?
Receiving and leaving an inheritance can have major tax implications, resulting in large bills for loved ones. Yet only 32% of women say they fully understand the tax implications of making bequests compared to 40% of men.
Your Finli planner can help you explore ways minimise Inheritance Tax obligations and maximise the investment opportunities of an inherited lump sum. It’s also a good idea to talk through your plans with your loved ones and make sure your Will is up to date.
Join the women seizing the financial initiative
Greater knowledge empowers women to better manage their personal finances to achieve their personal goals. Talk to your Finli planner today about how to increase your financial security and peace of mind.
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated.