International Women’s Day: 5 things to improve your long-term financial wellbeing

Sponsored feature | Siobhan Cordery, chartered financial planner, Gibbs Denley Financial Planning

This year’s theme for International Women’s Day (March 8) is “embrace equity”. While huge strides have been made in improving financial independence for women, there’s still a significant gap.

There are steps you can take to improve your long-term financial security.

1. Don’t overlook your pension

Your pension is important for financial security later in life. A Royal London report suggests 12 per cent of women feel very confident about them, compared to 21 per cent of men.

Taking time to understand your pension and how it will grow during your career could help put your mind at ease.

2. Review your state pension

On average, women receive less from the state pension than men. Government figures show men that have retired since 2016 received an average of £160.09 in 2022/23 and women received £152.90.

You can check how much you could receive from the state pension by using the government’s state pension forecast tool.

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3. Understand when to save and invest

Research from the Royal Mint suggests there’s a gender gap when investing. Findings indicate women are more risk-averse and less confident about their investment knowledge.

Investing could provide a way to grow your wealth over a long time frame.

4. Review your finances when your circumstances change

It’s important to take stock of your finances when your circumstances change. From changing careers to having children, many life events affect your finances and priorities.

Reviewing regularly can identify potential challenges or opportunities.

The Royal London study suggests women typically walk away from divorce “substantially worse off” than men, especially when pensions are considered.

5. Book a meeting with a financial planner

Seeking professional advice throughout your life can be valuable and meeting with a financial planner allows you to ask questions, stay on track, and create a tailored plan. Please contact us to arrange a meeting. Call 01954 233650 or email financial@gibbsdenley.co.uk.

This article is for general information only and does not constitute advice. The information is aimed at retail clients only. The value of your investment can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance. Gibbs Denley Financial Planning is a trading style of Gibbs Denley Financial Service Ltd.

Visit gibbsdenley.co.uk.