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1. Understand and Overcome the Gender Pay Gap
- Tip: Be proactive in negotiating salaries, raises and employee benefits to maximise your earning potential. Use tools and resources to benchmark your salary against industry standards.
- Why: Women often earn less than men, which can impact investment contributions and growth over time. Closing the pay gap helps increase your investment capital.
2. Prioritise Retirement Savings
- Tip: Aim to contribute at least 15% of your income to your pension. Take full advantage of employer matched contributions.
- Why: Women generally live longer than men, necessitating a larger retirement fund to ensure financial security throughout retirement.
3. Invest Consistently Despite Career Breaks
- Tip: Where possible maintain investment contributions even during career breaks or transitions, such as maternity leave or caregiving. If your earnings reduce then you can also reduce your investment contributions but try to keep them consistent.
- Why: Women are more likely to take career breaks compared to men, which can disrupt investment growth. Consistent contributions can help potentially mitigate this impact.
4. Leverage Female-Focused Financial Resources
- Tip: Utilise financial advisers that focus on women’s financial education and empowerment.
- Why: Tailored advice and support can address unique financial challenges and goals specific to women, providing a more personalised investment strategy.
5. Have a backup plan for long term sick and critical illness
- Tip: Consider private medical insurance, income protection and critical illness insurance to insure against life’s curve balls.
- Why: Having insurance as a backup means that if you weren’t able to work due to long term sickness or critical illness insurance can cover any shortfalls or loss of income. The options for these types of insurance are endless so ensure you take professional advice so you have a policy that suits your unique needs.
By focusing on these specific areas, women can create a resilient and tailored plan that addresses their unique financial needs and goals.
The value of an investment with St. James’s Place will be directly linked to the performance of the funds selected and the value may fall as well as rise. You may get back less than the amount invested.
SJP approved 12/07/2024