International Women’s Day – Tackling savings inequity
Ahead of International Women’s Day tomorrow, Sam Compton offers some thoughts on tackling savings inequality:
Sam Compton, Director of Operations at SmartSave Bank, a Chetwood Financial company: “Today, there is no good reason why men should have more money than women. However, the gender savings gap remains as stark as ever – recent research has uncovered that women in the UK are still saving over a third less than men. This ultimately hinders their financial freedom, limiting their ability to save for important life goals and even fund their retirement.
“Lower disposable income is the primary reason for this, while some women may lack the confidence to invest their money, or choose to take a career break to start a family. In the current economic climate, the high cost of living is likely to be contributing to even greater wealth inequity.
“Tackling these issues at the source is imperative, but most banking services today are too generic to help level the playing field. Creating more targeted savings products – products that take women’s lived experiences into account and make their lives easier – and empowering women through financial education are the keys to championing real gender equity.”