Zarah ChoudharyAccording to analysis by Royal London, factors such as the menopause affect women’s ability to save, contributing to their having £60 saved for every £100 that men have in their pension pot by the time they reach age 55.
Ahead of World Menopause Day on Friday 18th October, Clare Moffat (pictured), pensions expert at Royal London, commented on the impact on women’s working lives, and the implications for their pension.
She said: “The impact of menopause on women’s working lives is a critical issue that needs to be addressed to close the gender pension and wealth gap.
“Typically impacting women aged between 45 and 55, around four million women in the UK are dealing with menopause symptoms at work.
“Crucially, this is a stage in their career when many are looking to progress up the ladder, moving into senior roles.”
Moffat highlighted that this situation contributes to women saving less than men into their pension pots.
Moffat added: “Awareness days are great for turning the spotlight on issues like this, but more needs to be done to address the challenges women face.
“That includes creating a more supportive workplace culture where women feel comfortable discussing their experiences and receiving the necessary support – and our research tells us that 82% of women would be more likely to stay with their employer if they were better supported through menopause.”
