Active Chartered Financial Planners is hosting two online webinars on the gender pensions gap and future financial planning to support those who want to learn more about their money.
The 45-minute seminars will be hosted online on July 14 and 15, both at 10am with session one covering the gap in pension provision between men and women, and session two discussing financial planning for millennials and bringing valuable insight into the world of Environmental, Social & Governance (ESG) investing.
According to research by the Chartered Institute of Insurance (CII), by the time a woman reaches retirement age, her average pension wealth is £35,700, roughly a fifth of that of a man her age.
This gap is partly caused by women being paid less in general over their lifetime and is exacerbated if she has to leave work to provide care for a child or older relatives.
Millennials (those born between 1981 and 1996), on average spend 60 per cent of their income on bills and regular outgoings on payday, and approximately 24 per cent don’t believe they will ever have enough money in their pension pot to retire.
ESG Investing is becoming increasingly popular, particularly amongst younger professionals. These investment solutions offer a socially responsible alternative to standard options.
Liza Pontone, a chartered financial planner and one of the hosts of the gender pensions gap seminar, said: “As women get closer to retirement age, they start to notice that their pension pot is significantly smaller than their male counterparts.
“This can be for a number of reasons, with a major one being that, up until very recently, many women left their jobs after having children.
“This results in many women becoming dependent on a male partner’s pension in later life, reducing their options should they wish to separate from the partner or if they are bereaved. This can lead to financial hardship in later life.
“With my colleagues Claire and Emma, I hope to help women in Tees Valley assess their pension options and present a number of choices to them to help lessen this gap in the future.”
Andrew Haley, chartered financial planner and joint host of the millennials & ESG investments webinar, said: “As a millennial, I know many of my peers are concerned about how they will be able to afford to retire when the time comes.
“Many people in their 20s and 30s spend most of their income almost immediately on bills and don’t realise that even saving a small amount each month could make things more comfortable when they decide to retire.
“I completely understand that other people my age might find the idea of saving for the future daunting, and possibly a little pointless if they’re struggling to afford the necessities.
“However, I hope that through this seminar, younger employees will find it a little easier to navigate the choppy waters of financial planning.”
To book a place on the gender pensions gap webinar on Tuesday July 14 or the millennial financial planning webinar on Wednesday July 15, RSVP to firstname.lastname@example.org by Monday, July 13, at 12pm