On World Menopause Day, Clare Moffat, pensions expert at Royal London, comments on the impact on women’s working lives and the implications for their pension.
The impact of menopause on women’s working lives is a critical issue that needs to be addressed to close the gender pension and wealth gap.
Typically impacting women aged between 45 and 55, around four million women in the UK are dealing with menopause symptoms at work. Crucially, this is a stage in their career when many are looking to progress up the ladder, moving into senior roles.
Not only could their career progression be hindered, but, as a result, they may also pay the price of reduced retirement savings. It’s a situation, according to analysis from Royal London, that contributes to women only having around £60 saved for every £100 that men have in their pension pot by the time they reach age 55.
Awareness days are great for turning the spotlight on issues like this, but more needs to be done to address the challenges women face. That includes creating a more supportive workplace culture where women feel comfortable discussing their experiences and receiving the necessary support.
Our research tells us that 82% of women would be more likely to stay with their employer if they were better supported through menopause.
Read more from Royal London on this here.
