The self-employed pension gap: All work and no retirement savings

The gender pensions gap could be worse than first thought. According to Fidelity, Women earn 10% less than men before having children, but once they become parents, that gap widens to 30%. As a result, the average 60-year-old woman’s pension fund amounts to just half of that of a man at the same age. (Source: Aegon) And for self-employed women, the story takes an even worse turn, as 32% are making no effort to save toward retirement at all. What is to blame? There are three main ...

Do as I say, not as I do: Working mums lack financial protection

What happens if you are suddenly unable to provide for your family financially? Research from Scottish Widows shows that 60% of working mums have no Life insurance, while 87% are without Critical Illness Cover. That means that many mums risk leaving their household in financial difficulty, should they die or become seriously ill. How important are you? However, the impact of losing a mum’s income on a household is clear, with the loss of their income meaning that 61% of families would struggle to pay household bills. In addition, ...

Buy to Let or pensions? Which is the best way to plan for your retirement?

What is the best way to save for your retirement? It’s not an easy question to answer; if possible at all. There are a number of options available, each one with a myriad of advantages and disadvantage all specific to you and the type of retirement you wish to have. A recent study from the Office of National Statistics (ONS) suggests that: 40% of people believe that their workplace pension is the safest option 30% of people believe that investing in property is the safest option (Source: ONS) With the ...

End of year financial planning: 6 tips you can’t afford to miss

Sufferers of FOMO; take note. There are six important things to do before the end of the tax year. For those who are eager to add another acronym to their repertoire, FOMO is fairly new phenomenon, meaning ‘fear of missing out’. Often caused by seeing social media posts or articles online, it is an unshakeable anxiety that something important is happening elsewhere, and you’re about to miss out on all the action. To ensure that you don’t lose out on important personal finance opportunities before the 5th of April (and to ...