Female Financial Freedom: Take Charge of Your Wealth

We believe that women should be openly encouraged to make financial decisions. As a business we demonstrate this ourselves, being well ahead of the financial services industry average when it comes to the number of female employees we have in our team. This International Women’s Day, just like every day, we hope to inspire other females to take charge of their finances and be more confident and involved in these decisions.

Traditionally, men have often overseen the family’s finances, but these demographics and statistics are changing year on year. There tends to be one in every couple who is more comfortable with financial matters, but it is no longer a male-driven area. When dealing with a couple’s finances, it is important to ensure both parties are actively involved in the discussion where possible, something we actively encourage at Integrity365.

The Centre for Economic and Business Research states that 60% of UK wealth will be in women’s hands in 2023 [1] and, without proper financial planning, it is all too easy to feel overwhelmed when suddenly presented with an inheritance or sum of money you were not expecting. It is therefore crucial for women of all ages to be actively engaged in their family and personal finances. This can include seeking professional financial advice, becoming more involved in occupational pension decisions, or striving to learn more about their finances.

Although things have been significantly changing in recent years, we still witness gender inequality across the globe and this is no different where money is concerned, with women still making on average 23% less than men [2]. So, what can females do to take charge of their finances?

There are many options in saving for the future, and pensions are an important source of income for retirement, available to everyone in employment. Studies have shown that females are less likely to save for retirement for a variety of reasons, whether this is a lack of funds or knowledge of savings, or they have other priorities when it comes to their finances and time. In the UK there is a staggering 51% [3] gap in male and female pensions, which could be closed by more women simply increasing their pensions contributions by just 1% 3.

A useful tool to consider when saving for the future is Cashflow modelling, which is available through a Financial Adviser. By inputting your financial circumstances and requirements for your dream lifestyle in retirement, this provides a picture of how likely you are to reach your goals. This can also be adjusted to ‘stress test’ your situation, such as a time of market downturn, the death of a significant other, or loss of income.

As with most areas of financial planning, the earlier you prepare, the longer you have to reap the rewards, and so there is no time like the present to start thinking about your goals and income at retirement.

If you already have savings available to you, you may have thought to invest these or utilise them in a tax efficient manner. The financial world has historically been a male dominated space, and so many females do not think of themselves as ‘investors’. However, at Integrity365 we have seen a shift in this notion, with more women now being interested in investments.

We are also witnessing a growing passion and interest in sustainable investing, an area which our Female Founding Financial Adviser, Debbie Packer, is extremely passionate about. In supporting sustainability this way, clients are not only looking for their money to work hard for them, but also do some good in the world. Studies have shown that women on average tend to live more ethically and support sustainable causes, therefore womens’ increased financial activity could suggest the growing trend of ESG investing, demonstrating the change females can make with their wealth.

The ‘sandwich generation’ are those who have the responsibility of looking after children as well as elderly parents, and this role often falls upon females. Caring for others can be stressful in itself, but can also lead to women taking a career gap in order to deal with this, and so can
add further financial worry.

It is, therefore, no surprise to learn that women often feel like they do not have time to think about larger financial decisions. However, this is where the help of a financial adviser can come in, to support you through those difficult times and show you the options that are available to you. For example, when dependant children are involved, ensuring sufficient life cover is in place for both parents – whether they are breadwinners, carers, or both – is crucial.

If you feel overwhelmed by your financial situation, or need help in understanding your options, an important step is to seek the right advice. From Accountants, Financial Advisers and/or Solicitors, there are professionals available to give detailed advice on different areas, as well as various charities and support networks who can point you in the right direction when you need further assistance.

Although the industry still has a long way to go in terms of gender equality, it is clear that women are more than capable of making financial decisions and we are working every day to bridge that gap. For any assistance in taking charge of your finances, please do not hesitate to get in touch with one of our Independent Financial Advisers today on 0117 450 1300, and feel free to request to speak to one of our highly experienced female advisers if you do have a preference.

1. The Centre for Economic and Business Research (CEBR), 2020
2. International Trade Union Confederation (ITUC), 2022
3. Fidelity International, 2021