Fresh Mintago research has revealed a ticking time bomb for employers. Women in mid and senior roles are living on a financial knife edge.
Lower lifetime earnings, smaller pension pots and fewer savings – that’s the reality for too many women in senior positions.
31% of employees say money worries have negatively affected their performance at work.
But it’s more than productivity. When women have low financial security, even a small pay rise from another employee looks tempting. And one crisis – like a divorce, or a parent’s health declining – can mean work stops making sense full stop.
This is particularly dangerous for SMEs – who might not yet have the solutions in place to support their growing (and increasingly diverse) workforces.
We spoke to Natasha Newby – Employee Benefits Director at ilumiti – about the simple benefits HR leaders can put in place to retain more valuable female talent.
These solutions aren’t complex. They’re straightforward and affordable for companies of all sizes.
If you don’t have it yet – this is an easy win. By the time she’s approaching retirement (55–59), a woman’s pension wealth is 48% smaller than a man’s on average.
Pension Salary Sacrifice is especially good for women who have fallen behind on their retirement goals because of career breaks. Contributions get taken from their gross salary, so they pay less in Tax and National Insurance. That means they can afford to save more without reducing their take home pay.
Only 40% of investors are women. The result? Women are left with smaller financial safety nets later in life.
You can turn that around by giving your employees access to the information they need. Group presentations are good – but one-to-one financial advice will have a much bigger impact.
Mintago’s all-in-one platform gives all your employees access to free financial advice, alongside financial education and expert masterclasses.
The cost of childcare in the UK often makes work an impossible equation for new mothers to balance. 75% of women who pay for childcare say it no longer makes financial sense to work.
But here’s where salary sacrifice can make all the difference. Employees can save up to 47% on nursery fees – which can make all the difference, especially when you’re paying as much as £1,000 a month.
By making the maths add up again, you give the women in your company the freedom to choose when they return, and the hours they want to work.
The total value of lost pension pots in the UK is now £31.1bn. Those are unclaimed, inactive or lost pensions – often from previous employers.
If you can help the women in your company track down these lost pots, that’s money instantly added to their retirement savings.
And the good news is it’s incredibly easy. All you need is a service like Mintago’s Pension Search. Our team will track down lost pots and our financial advisers can help your employees decide what to do with them for the best return.
Our latest report revealed that 1 in 3 employees have taken time off in the last year to care for family. And elderlycare demands are rising.
This is the crisis nobody is talking about. But the solutions are obvious – and well within budget. Your employees need trusted guidance, hands on support, and funding advice.
That way, they’re not distracted at work, overwhelmed with admin. They don’t have to take time off because their usual carer can’t make it. They don’t end up leaving work entirely when the cost of care becomes unaffordable.
And you get to retain more talented women, at the peak of their careers.
Mintago can help you support and retain more valuable female talent. Our all-in-one platform delivers real impact where it counts – with a range of financial, family, lifestyle and health benefits. Designed and priced for SMEs.