The effects of the menopause could have serious consequences for women’s long-term financial wellbeing, says AJ Bell.
Despite more being done to support women experiencing menopause in the workplace, AJ Bell Money Matters research found almost two in five (38%) women say the menopause has affected them at work. A fifth (21%) admitted they had lost confidence at work while experiencing symptoms, while 13% say their performance suffered.
Danni Hewson, AJ Bell Money Matters founding ambassador and head of financial analysis, said: “Menopause and perimenopause often arrive at a crucial point in women’s working lives. These are often the years when careers are at their peak, earnings are highest and retirement savings should be accelerating.
“Early symptoms can be unpredictable and confusing, and the transition period can be particularly damaging, leaving women questioning their abilities at a time when they may otherwise be expected to take on greater responsibility and leadership roles.
“Without proper support that can impact whether women put themselves forward for promotions, negotiate pay rises, or seek out new opportunities – potentially affecting their earnings trajectory for years to come. This is particularly concerning given that many women experiencing symptoms will be approaching the stage of life when pension contributions and retirement planning become increasingly important.”
One in three (34%) women in perimenopause say it has affected their financial situation, rising to 43% for women in menopause.
Around 5% of women who have experienced menopause say they have reduced their working hours because of the symptoms, with 4% of women taking a leave of absence and 3% stopping work altogether.
Despite larger employers required by law to have menopause action plans in place by next April, only 11% of those surveyed said their company had a menopause policy and knew how to find it. This compares to 34% who are completely unsure whether such a plan exists in their workplace.
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