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Women in Finance

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This month our theme is Women in Finance, delivering research statistics and actions that can help create a balance between the way men and women interact and engage with finances. 

Cushon’s research shows a marked difference between the way men and women view financial services products, especially pensions. Being in control of your finances helps you to set and achieve your financial goals. Statistically, women don’t tend to invest as much as men, but research shows that they tend to be better investors than men [1]. And yet there’s still a big gap between male and female investor numbers.

In the UK only 10% of women have a Stocks & Shares ISA, compared to 17% of men [2]
What does this mean? It means women tend to favour cash savings. In times of low interest rates and high inflation, exactly what we’re seeing now, people with cash savings are seeing the real value of their money decline. As more women keep their money in cash, they are being impacted more than men.
Action: With its complicated language and male dominated role models, investing has alienated a huge part of the population. Cushon is removing these barriers to get everyone comfortable with investing. Learn more about how our saving products work here.
32.9% of women had never heard of the Lifetime ISA, but of those who had and were under 40, 9 in 10 said it’s something they’d consider using. A huge percentage of the population are missing out on a product that could give them a 25% bonus!
What does this mean? If you are between 18-39 years old then you can open a Lifetime ISA for either a first home deposit, or an extra retirement pot option. There’s up to £1,000 for grabs each year in government bonus.
Action: Learn more about the product here to fully understand whether the Lifetime ISA can work for you.

A great way to combat feelings of uncertainty is to feel in control. Have a look at these jargon-busting and workplace signposts: 

  • Rainy day fund: Money set aside for the unexpected. 

  • Emergency fund: 3 months (6 months if you have a mortgage) of expenditure set aside in case there’s a sudden loss of income. 

  • Investment: Allocation of time or money to generate value. 

  • Stock or share: Ownership of a portion of a company. 

  • Bond: Buying debt to receive interest and the original sum after a fixed period. 

  • Stock exchange: Where a company lists its stocks to be sold.  

  • Fund: A collective investment made up of varying assets, controlled by a fund manager.

Cushon recently found that over half the women surveyed feel anxious about their finances, compared to under half of men [3].

The cost of living crisis is putting the nation under pressure, but could women be feeling it more?  

On average, women’s products cost 13% more than men’s. Hair products were the biggest offenders, with versions for women costing 48% more, followed by razor cartridges (11% more for women) [4].

Action: Click here to listen to Sarah Steel from Better with Money take you through some of the key things to tackle, so you're more confident about how to manage your money in the face of rising costs. You can also ask your employer about pension salary sacrifice to beat the National Insurance hikes and boost your take-home pay. 

Lastly, one of the most important gaps with women in finance is pensions. Our research shows that the way the industry positions and communicates  pensions resonates better with men than with women.   

Prospect Union has calculated that the income gap between men and women in retirement is now 38%, more than twice the level of the gender pay gap (currently 15.4%) [5].
What does this mean? It means that the problem doesn’t stop at pay, but a lot of the time does stem from it. Pensions are key because they are the foundations for quality-of-life post career. Nearly a third (31%) of women in our research confirmed that they had taken a career break at some point and realised that this has had an impact on their pension savings.
Action: Engage! The good news is growing your pension is easier than most saving products, you get free money from your employer and the government. 

“The best time to plant a tree was 20 years ago. The second-best time is now” 


[1] Forbes, 2021 https://www.forbes.com/advisor/investing/woman-better-investors/ 

[2] UK Investment Statistics

[3] Cushon, 2022 

[4] https://www.thetimes.co.uk/article/women-charged-more-on-sexist-high-street-3gpwv2ck3qd

[5] https://www.tuc.org.uk/news/gender-pensions-gap-means-retired-women-go-equivalent-four-and-half-months-each-year-without