Scottish Widows and Her Wealth Network partner to launch website

Scottish Widows has teamed up with Her Wealth Network to launch a new website aimed at improving female representation in financial services. 

The site, herwealthnetwork.co.uk, will support women with practical help, in-person events and online resources.

Scottish Widows has highlighted the financial challenges women face for over 20 years through its women and retirement report. 

Its latest research found the average pension savings gap at retirement between men and women stands at around £100,000. 

The report said factors such as the pay gap and the ‘motherhood penalty’, where women take time out to raise children, play a part.

Jill Henderson, pensions expert at Scottish Widows, said: “The current average gap in pension savings at retirement shows women trailing men by about £100K. 

“There are a number of factors driving this – including the disparity in pay between men and women, and what is often called the ‘motherhood penalty’ where women have to take time out from their careers to raise children.

“The gender pensions gap is just one of many examples of why it is crucial to have greater female representation in financial services, to help ensure advice is inclusive, relevant and accessible to everyone.”