Insuring Women's Futures - Day 1

This week is National Money Week, and your local Institute are further supporting the CII's campaign "Insuring Women's Futures".

We will be releasing blogs on the website related to the six key points in a woman's life that are financially important, as well as the potential pitfalls women may face.

All the information contained in these articles and more, is taken from the dedicated website - insuringwomensfutures.co.uk

1. Growing up, studying and requalifying

The decisions we make about what and how we study have far-reaching consequences. The difference in women’s earnings are often influenced by our educational choices and the career they open up for us. If you are nearing a decision on studying or qualifying, or advising a friend or relative who is, think about the implications for your or their financial future.

Find out about money, budgeting, savings and debt. There’s lots of help online, check out vouchers and discounts too!

Take opportunities and seek out internships, work experience and talk to people about their jobs – find out about how pay rates differ. The path you choose can significantly impact your earnings.

Think hard about borrowing money or relying on credit cards, and if you do borrow go to a FCA regulated lender. Remember credit cards usually attract higher interest rates than standard bank loans. And if somebody pressures you to lend them money, talk to someone you trust.

If you’ve had time out, need to upskill to improve your career or would like to earn more money, think about the type of skills you may acquire, and how resilient these will make you in terms of job security, longer term career and earnings prospects.

2. Entering and re-entering the workplace

Starting or returning to work is a key Moment, with implications that don’t only affect younger women. Role, employment and employer choice impact, employment and employer decisions impacting pay and job security. Starting work (whether for the first time or later in life) is a critical time for women to establish financial independence and savings patterns.

Know your value and don’t be afraid to state it; if you don’t feel you’re paid enough, consider how you might ask for a raise or seek a promotion.

When you start earning for the first time, think about how you can budget to make your money go as far as possible, and perhaps even start to save a little if you can. Becoming financially independent early on in life can set you up and help maintain personal financial resilience through relationship and other life changes.

Find out about pensions, and take opportunities to benefit from employer arrangements. Make sure you check out employer pension contribution rates and don’t miss out on free contributions. Together with tax relief the amounts employers pay into your pension can make a huge difference to your pension pot. So check you’re in the scheme!