What challenges do women face in the financial world?

As we all work towards a fairer future, it is good to remember the challenges that different groups face every day. This article focusses on some of the financial challenges that women often experience in the workplace.

1. Gender pay gap:

In 2022 is this still a reality? According to government statistics, yes! There continues to be a wage gap between men and women whereby men make more money than their female counterparts.

Among full time employees the gender pay gap in April 2021 was 7.9% (ons)

You can report a gender pay gap: https://www.gov.uk/guidance/report-your-gender-pay-gap-data If your organisation has 250 or more employees you are expected to report it.

2. Family commitments:

It is more common to see women adjusting their careers to fit in with family life than men, but could this be something that changes in the future?

Many families find it preferable for at least one parent to stay at home with the children for at least part of the working week. The motivating factors will differ from family to family, but could include anything from religious beliefs to personal preference to financial viability.

Women and men can share parental leave after the arrival of a baby (link to https://www.justfinancefoundation.org.uk/parental-rights

3. Life span:

Women live approximately 8% longer than men. (pnas2020) This can cause women to need to support themselves financially for longer. Unfortunately, the gender pay gap is also reflected in the gender pension gap , leaving many women vulnerable with smaller pensions and a longer lifespan than their male counterparts. 

There are ways in which the aging population can gain extra financial support. Check out our Help Hub for more information on universal credit and other information: https://www.justfinancefoundation.org.uk/coronavirus-help-hub

Given the Challenges women face at work, they still manage to achieve great things. Times and attitudes are changing in the workplace, albeit a bit slow. If you feel strongly about any of the challenges mentioned above do speak up!