In response to the DWP publishing its Menopause in the Workplace Literature Review, Sarah Pennells, personal finance expert at Royal London, has commented:
“The DWP’s findings that women’s engagement and progress at work is hampered by their experiences of menopause echo our own insight. Our research shows that women have a pensions mountain to climb when it comes to saving for later life, often because they take more time out of employment, balancing work with caring responsibilities. A lack of support around menopause can lead to some women being unable to remain in the workplace, or needing to reduce their hours, making this pension gap worse
Our Financial Resilience Report found that men have an average of £92,000 in their pension pots, while women have only £39,000. For every £1 a man has saved towards retirement, a woman has 42p. On top of that, 54% of women admit to not feeling confident when saving for retirement, compared to just 41% of men. This gap needs to close, and it will not happen if women going through menopause do not feel supported to stay in work.
Menopause in the workplace needs attention. It’s an issue that is not only impacting women’s financial futures through missed pension contributions, but is also resulting in a significant loss of talent and experience for UK employers. There is an opportunity for employers to lead the way by introducing menopause-friendly policies and fostering open, supportive workplace cultures. By doing so, they can retain skilled employees, support financial resilience and help tackle pension inequality.
We need to make the system work better for everyone. That means addressing the structural barriers that hold women back from building up their pensions, and so we welcome the DWP’s spotlight on this issue and stand ready to work with policymakers, employers, and the wider industry to help drive meaningful change.”
