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Money for Life work in partnership with the Money Advice Service, an independent organisation set up by government. Money AdviceService provides free, unbiased money guidance across the UK to help people make the most of their money.  If you have a question or need help, you can chat to them here.

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Why it matters more than ever that young women are financially savvy #IWD2019

The gap between men’s and women’s savings and pensions starts early and continues to grow steadily throughout their lives.

In all age groups, the average man saves more than the average woman. By the time a woman reaches her late 30s, she has a third less savings than men of the same age, and by her 40s, she will have less than half.

By the time women retire, they have just a fifth of the pension pot that men do.

What is to blame?

To start with, women simply have less money available. The gender pay gap persists and women continue to be underrepresented in high paying industries like finance and overrepresented in lower paid industries such as nursing. This says nothing of the fact that women continue to do the majority of unpaid work in a household, such as raising children or caring for relatives, which also impact their ability to earn and save.

However, inspirational women are leading the way in changing the financial future of the next generation. Anne Boden, one of Forbes’ top 50 women in tech in Europe, founded Starling Bank, a purely online bank that helps you make and keep saving goals and easily control your money. It won Best British Bank in 2018. In the US, Sallie Krawcheck, cofounder and CEO of Ellevest, created the world’s first women-focused investment platform, redesigning an industry created “by men, for men”.

Feeling inspired?

Read these four tips for investing in your financial future this International Women’s Day.

One: Value your financial wellbeing

This International Women’s Day make a resolution to prioritize your financial wellbeing.

Use resources life Money for Life to learn about how to manage your money. Seek out mentors and talk with friends to help you make decisions about how you want to manage your money.

In a world where women come up against so many barriers to financial security, there is nothing selfish about putting your own finances first.

Two: Start a savings habit

Saving even a small amount each month adds up and builds an important saving habit. Setting up a direct debit payment into a dedicated savings account is a great way to make sure you do. Could you afford to put aside ten or twenty pounds a month?

Three: Prioritize your pension

When you start your first job, find out about your pensions entitlements and make sure you sign up! You will benefit from not only the payments you make but also those of your employer. Any pension paid early in your career will grow through compound interest giving you boosting your account balance by the time you retire.

Four: Make your voice heard

Both men and women can work to challenge the wage gap. Ask your employer what they are doing to close it, raise awareness through social media, or volunteer with organisations working for women’s rights.

 

This International Women’s Day, we want you to take control of your savings. Download Pennies to Pounds today and start your journey to a healthier financial future. For more tips and advice on all money matters, follow us on Twitter, Facebook and Instagram @MoneyForLifeUk.

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Money for Life work in partnership with the Money Advice Service, an independent organisation set up by government. Money AdviceService provides free, unbiased money guidance across the UK to help people make the most of their money.  If you have a question or need help, you can chat to them here.

Launch Chat

Chat to the Money Advice Service
Monday to Friday, 8am to 6pm
Saturday, 9am to 1pm.