IWD: Feeling Financially Empowered

This lockdown will not dampen our moods to celebrate International Women’s Day on the 8th of March 2021. We are here to honour all the social, economic, cultural, and political achievements of women today. And the theme for the day is #ChoosetoChallenge, encouraging women & men to challenge the status quo and gender expectations bridging the gaps between males and females. 

Speaking of gender gaps, let’s talk about them. 

The Debt Gender Gap 

Fact: Of the 8.8 million people struggling with debt in the UK, 64% are women!

Now let’s find out why? Truth is, the list is endless, but here are some of the reasons to consider:

• Women earn less than men, with some turning to debt to cover their living expenses 

• Women take more time off work, which can mean it will take longer to pay off their debt and accumulate interest

• Women are more likely to be in lower-paid jobs or working part-time so they can focus on care responsibilities

How do we challenge that? 

Ladies, get some help if you’re struggling. Don’t be afraid to speak up and reach out for help. Debt can have a serious effect on your mental health, so don’t be afraid to voice your problems. Speak to your friends, family, and other institutions that can provide you with the support needed. There are many charities in the UK that you could turn to for help, for example, the Smallwood trust helps women struggling financially. Take the time to look into the help available.

The Gender Pay Gap 

A gender pay gap can be caused by a multitude of things, such as having fewer women in senior or more high-earning roles or more women working part-time. Within the UK, more than 3 out of 4 companies pay their male staff more than their female staff, with 9 out of 10 women working for a company that pays them less.

There is however some good news from the Office of National Statistics, who reported in April 2020 that the gender pay gap is close to zero for full-time employees under 40 years old, however, those aged above 40 years old in full-time positions are still faced with a gap above 10%.
 

Want to know how your employer ranks? If you work for a company with more than 250 workers, you can find out its gender pay gap on the Government Equalities Office website. Companies that employ fewer people than this are not legally required to report their gender pay gaps, but some smaller firms have started to do so in the name of transparency.

How do we challenge that? 

• Most importantly, know your rights - The Equality Act 2010 protects women within the workplace and other public sectors. You are entitled to claim the same terms as a male who is doing equal work. 

• Have the confidence to negotiate your pay/salary - This applies to both employed & self-employed workers. This may be a bit more straightforward within a workplace. If you are self-employed, it is important to value your years of building your brand. Consider your position within your niche, the traffic you gain to your website, your engagement rates when deciding rate.

• Ask for flexible working - Ask your employer for flexibility in your working hours so you can accommodate your care responsibilities. 

Here at Finndon, we want to celebrate financially empowered women and #ChoosetoChallenge the hurdles faced by women in their day-to-day lives. 

Here are our tips to feeling financial empowerment and how to make healthy choices:
 

Want a change

There’s no doubt that change is difficult and can be quite daunting at times. It may feel impossible at the time, but everyone can do it. Admittedly, it often takes a couple of goes before it gets easier to follow through. But, choosing to challenge yourself and making that change is one of the most important steps you can take for financial empowerment. 

Improve your financial skills

Now that you’ve got the will, you need to find the way. Take time to begin browsing, learning new styles of budgeting and healthy financial essentials. Click here for our list of must-read books for building your financial literacy! 

Surround yourself with good people 

Your friends and family should always be supportive and inspire you to be the best version of yourself. Surround yourself with those who motivate and encourage you to stay on track of reaching your financial goals. 

Positive financial habits 

Everyone always stresses the importance of reviewing your spending and making small improvements to unfavourable habits. These small tweaks to your habits can have long-term benefits. There are so many resources out there that can aid you in the right direction. 

Lastly, have confidence and think positively

In the spirit of International Women’s Day, take the time to feel financially empowered and #ChoosetoChallenge the status quo for women. Whilst there is positive change happening, it’s not a time to sit back and become complacent. Continue to Choose to challenge your mindset as well as others around you!

The following is for general information and is not intended as a form of financial advice by Finndon or its representatives, nor the information intended to be relied upon by individuals in making any financial decisions.