Women across the UK are facing a stark savings shortfall, with nearly one-third (29%) saving less than £100 a month, according to a new report by Schroders Personal Wealth (SPW).
But that’s not all. The Women and Wealth Report 2024, titled The Real Cost of Inequality, reveals financial gaps between men and women that span investments, pensions and even inheritances – all particularly worrying in an economic climate where every penny counts.
Key findings:
- Nearly 29% of women save less than £100 each month, versus 15% of men.
- Only 17% of women feel very confident about achieving their long-term financial goals, compared to 29% of men.
- 53% of women cite a lack of extra cash as their main barrier to investing.
- Just 26% of women have a stocks and shares ISA, compared to 45% of men.
- Only 13% of women are very confident they’ll be able to leave an inheritance, compared to 22% of men.
The report goes beyond the numbers to explore the root causes of these disparities, including gaps in financial education and confidence. It also proposes solutions aimed at empowering women to take control of their financial futures.
Practical steps for women which aim to enhance their financial security:
- Educate: Understand key financial principles to make informed decisions. A financial adviser can provide personalised advice.
- Automate contributions: Regularly set aside money for savings or investments.
- Explore growth opportunities: Look into investment options that suit your risk tolerance and timeframe.
Katie Nutting, Financial Planning Director at SPW, says: “Addressing gendered financial disparities requires systemic change – but individual actions can help. From small but consistent savings to investment options, there are practical ways which aim to enhance women’s financial security, even in uncertain times.”
Sean Ingram, Chief Marketing Officer at SPW, adds: “We recognise that achieving financial independence is a critical challenge many women face, through choice or when their circumstances change through divorce or loss of a partner. We at Schroders Personal Wealth take this responsibility very seriously.
Our Women and Wealth report highlights our commitment to empowering women at every stage of their financial journey, from those who need advice to help ensure they are more financially secure to those who need a plan for the next generation. In doing so, we hope to enhance women’s financial confidence and empower them to take control of their financial futures.”
