What is the Gender Pension Gap?

The average woman has less retirement savings than the average man1. The difference between these two amounts is called the GENDER PENSION GAP. Wow! I have 3 children – 2 of them are girls. So my first thoughts on the gender pension gap is whether this means that my daughters are likely to end up with less money than their brother to see them through their retirement. And given that, statistically, women live longer than men,2 is this an even greater disadvantage to all of us females?

Will we basically have less money to see us through a longer retirement than men?

How big is the Gender Pension Gap?

There is a lot of research out there about this gap, and it looks very different depending on who and how it is measured. In 2021, Legal and General analysed their 4 million pension scheme holders and found that, by retirement, the Gender Pension Gap reaches 56% - that means the average size of a woman’s pension pot at retirement is 56% less than the average for a man

Why is there a Gender Pension Gap?

The first thing to understand is why there is this gap to start with. There is a Gender Pay Gap. Whilst a lot of work is being done to reduce this gap, if women are earning less than men, they will be contributing less to their pensions. Hence a big reason for this gap.

Women are also more likely to take career breaks to look after children and/or family members. There are also more female carers, so even those that do work are more likely to work fewer hours or progress through their careers due to their caring responsibilities. Lesser known reasons why there is this gaping hole between retirement pots of different genders include 

• Women tend to be less likely to live with parents vs young men 
• Women can spend a larger percentage of their salary on rent vs men, as well as the belief that a first home is likely to be a greater percentage of a woman’s salary than for men
• Average care costs for women are generally thought to be higher
• Costs of childcare tend to fall more on women’s shoulders and therefore reduces their ability to contribute into their pensions - Menopause struggles can lead to women giving up work, and I have met quite a few women that really relate to this point
• Divorce tends to have a greater impact on women’s pensions than men
• And women tend to take out less protection against themselves and their income, meaning that if something should happen to them and they are too sick to work, they could find it harder to contribute into their pensions than someone who has protected themselves (via income protection or critical illness cover)

Why is it so important to close this gap?

Having enough money to see you through retirement is really important. There is a tendency for us to prefer to reward ourselves immediately rather than save for our future, but as the costs of living rise and we are living longer, we need to make sure we do not run out of money in the later years.

We all work really hard to earn our money, and therefore making sure we get a well-deserved and well-rewarded rest when it comes time to retire is something that everyone needs to prepare for. In the 2021/2022 tax year, the full state pension pays out £9,339.20 per year. Ask yourself whether that would be enough to allow you to enjoy the standard of living you are hoping to achieve. In fact, when in comes to the state pension, not everyone will receive the full amount and many people will receive a significant amount less.

Another reason it is so important to close the gender pension gap is when it comes to later life care and medical bills. Men spend an average of 62.9 years in good health and 16.5 years in poor health, according to official figures from the Office for National Statistics

2. By contrast, women spend an average of 63.3 years in good health and 19.8 in poor health.

This data was compiled for the period 2017-2019 and so pre-dates the COVID-19 pandemic, so there is a chance we will see the differences increase once data comes out to include Covid. Since women have less pension funds to see them through retirement, the news that they are likely going to have greater medical bills than men gives greater reason for this gap to be closed. How can we close the gap?

But please do not despair!

Yes, there is a gap, and yes, it feels like there is a lot against us women to close the gap, but there are many ways we can work towards a more even balance. Here is my checklist to help you work towards closing the gap:

• Check your State Pension Entitlement via this link - https://www.gov.uk/check-state-pension
• Keep track of your National Insurance Contributions
• Do you have a child under 12? If so, your national insurance credits may be able to be paid for you (whether or not you receive child benefit)
• Track down all your previous pensions – know what you have, how much it is worth, and whether it is invested appropriately for you
• Review your protection insurance and make sure it is suitable for you, your family and your future
• You can contribute into your pension, even if you are not earning (and you can still receive tax relief) – your partner or spouse can contribute into your own pension as well - Include pensions in divorce discussions
• Look after the next generation – start a children’s pension
• Know your number – how much do you have in retirement savings and what type of lifestyle do you want to lead in the future?
• Speak to a professional, like myself, to put together an achievable and understandable plan that makes sense for you

I am passionate about closing the gender pension gap, and with the work I do, I aim to help reduce the gaping hole even if it is one woman at a time.

The value of an investment with St. James's Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested. The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief depends on individual circumstances.

1 Legal & General Investment Management analysis of approximately 4 million pension scheme members, July 2021

2 Health state life expectancies, UK: 2017 to 2019, Office for National Statistics, 25 January 2021

www.naomihaynes.co.uk

Photocredit: Canva Feb 2022

This month at our WIBN meetings we've been talking about sustainability in our businesses.

It's a topic that many of us found difficult to talk about. Not because we didn't want to, but because we didn't know enough about it.

A Big Draw For Customers

In 2019, a YouGov study of over 9000 consumers found that they were 67% more likely to choose a product or service from a business that is taking action on climate change and the environment. Is this true for small businesses like ours? Many of us would like to do more but don't because we think it's too expensive.

What Can We Do?

There are the obvious things of buying recycled products such as ink cartridges and of course since Covid much has been automated so less paper is being used to print things out but what else can small businesses do?

Some of our members have signed up to companies that will plant trees. For £6.99 per month, you can plant 20 trees and become carbon neutral. It's a start but is it enough?

Little Things Add Up

We've spoken about the little things that we do. One member is trying to buy her clothes this year from charity shops, another recycles her boxes and puts a sticker on them to her customers saying 'sorry this packaging is not pretty but I'm recycling' and another takes back old jars of skin creams and refills them.

Things You Wouldn't Expect

We had a really interesting chat about eco-friendly funerals and coffins and pension investments with companies that are ethical and sustainable. Did you know that you can get a lower rate mortgage if your house has an Energy Performance Certificate in band A or B when you remortgage or purchase a new home?

It would be really interesting to hear what you do in your business and perhaps we can learn from each other?

Image credit Canva Feb 2022

For many of my clients, styling their outfits for date nights, events with close friends, or just to feel a little more sexy, can be tricky to create. Valentine’s day can be a great time of the year to be with a partner and feel “yourself” or to get dressed up and spend time with your closest friends for a special night out.

So, if you are feeling unsure on what to wear to help yourself feel a little more sexy with confidence, here are some outfit ideas!

Inspire your colour palette

The month of love is often inspired by a certain colour palette, and that is reds, pinks, and blacks! These can be great colours to help inspire your look for a special event. 

When you know the colours that make you feel your best, you can then include them into your outfits, and if reds, blacks, or pinks are within the colour wheel for you, then this is a great time to go all out.

You could have a full look inspired by the colours, for example a beautiful red dress, shoes, and lip. If you feel an all-red look is a little difficult to commit to, you can add flourishes of the colour to your look through the accessories. 

If you want to add pink rather than red, but still feel strong and powerful, you can look into investing in a deep pink suit, or tailored jumpsuit as the tailoring helps to create a stronger look.

However, if you love feeling more “cute” than strong, then baby pinks, softer pinks and sorbet pink are more approachable for this styling.

Black and red work really well together, so if you choose a Little Black Dress that you love and add the touch of sexy red for your date night, you will be sure to be feeling ready to take on the date! 

Feel romantic

Romantic looks are great for a night out with a loved one, and for boosting your energy. Romantic styles are floaty dresses and skirts, all the way to frills, floral patterns, and vintage-style collars. They’re perfect if you’re like me and prefer to feel feminine on a date night.

A maxi or midi length can be an easy to wear style that adds a touch of elegance to your look without feeling restricted on your evening out (which translates to enjoying your dinner without restriction!).

If you prefer to wear something a little less formal, or are going to a brunch date instead of an evening, this look can work beautifully with jeans and a blouse with puff sleeves or added texture. You could also make this feel sexy while romantic with a monochromatic formal look that has the silhouette of a romantic-style of puff sleeves and skirt together. 

Show off your favourite features

The best and easiest way to boost your feeling sexy is to feature your favourite asset – whether it’s your shoulders with an off the shoulder dress, your legs with a short skirt or Little Black Dress, or your booty with a pair of trousers that showcase your asset in the best way. 

When we put on garments that help us feel our best, that’s often when we feel our sexiest. We can then put together the rest of the outfit to match how we are feeling. So, I highly recommend discovering a few key pieces in your wardrobe that you feel your best in and save them for those days when you need added confidence. When you know the garments you feel your best in, you can then know where to invest in new items to create outfits you’ll love to wear (so they don’t have to be saved for special occasions!).

You can also encourage even more confidence with a few added extras:

• Heels can transform your confidence – even if it’s only an inch or two, you will notice the change of how you walk, move, and that added height can boost confidence.
• Add a touch of lipstick – that final swish of colour to your lips can work their magic to bringing a boost of confidence that sometimes is needed to feel your best!
• Bring textures into your outfit that make you feel sexy. Whether you love soft comforting textures, or strong tailored looks, add these textures to your outfit so you can feel confident in a flash.

I believe we should all feel our best whether we are going for a date, out to an event, or spending the day at home, and fashion should help us feel this way when we get it right.

If you are feeling more stressed by your outfit choices, and would love to change that – please get in touch to discover how I can help. 

*Image credit Canva February 2022

Don’t worry if you haven’t. A lot of people haven’t come across the term and it’s only recently that the acronym has become common in the paint and decorating industry. VOC stands for ‘volatile organic compound’ and refers to the airborne particles released as gasses by certain liquids or solids. This is commonly referred to as ‘off-gassing’. Smells such as newly painted walls, freshly varnished flooring and the interior of a new car all signify newness but sadly not freshness nor healthiness. 

Where our furniture, bedding and textiles used to be untreated woods and natural fibres, we are now increasingly exposed to flame-retardants, polyurethanes, formaldehyde, solvents, epoxies, melamine, acetones, dioxins.....the list is endless and so many of these are known carcinogens or are linked to serious health problems. 

When we flop down onto our couch, kick our slippers off onto the rug or grab a book from the convenient flat-pack shelving unit, we are unwittingly breathing in chemicals that are silently off-gassing each day. Some do smell but too often they are odourless so it is not surprising that we are unaware of the potential cocktail of particles we are breathing in, on a daily basis. 

Indoor Air Quality (IAQ) for building occupants has received increasing attention world-wide over the last few decades. It appears that “concentrations of many VOCs are consistently higher indoors (up to ten times higher) than outdoors.” say the Environmental Protection Agency in the US. Sadly it is no better here in the UK as we are one of the top five countries in the world that have the highest prevalence of clinical asthma that seems to be being driven by our poor home environments. 

There are health risks associated with dampness, mould and tobacco smoke and air pollutants released from cooking and heating. Even if you are fortunate enough to be able to eliminate the first three from your list it would appear there is a dizzying amount of VOCs in all of our households at any one given time. 

So what can we do about it? We cannot eliminate them completely but we can explore ways to reduce them. Our mission is that everyone’s home should be as free as possible from toxic chemicals while still reflecting your own personal style. We have carefully selected long lasting natural products that not only look and smell wonderful, but have as little negative impact upon your health or that of the planet’s as possible. We are still small but we want to grow and would love for you to join us on our journey. Sign up to our newsletter through the website www.beautifulhealthyhome.co.uk and we hope you will come and shop with us.

Beautiful Healthy Home - where we believe your home's the world.

Zoë x

Phoito credit - Cafe image © Ostap Senyuk via Unsplash

This weekend I went way out of my comfort zone when I was invited to take part in "wild swimming". This saw me at 9am on Saturday morning (temp 6c) standing by a river in Norfolk in nothing more than a swimming costume, rash vest, woolly hat & waterproof gloves contemplating immersing myself in water measuring a balmy 3.6c🥶

I have to admit that when I mentioned in passing to my friend (and yes she still is), I imagined a warm summers day and really just a gentle swim in the river not what could only be described as a primitive form or torture, or so I thought.

Giving It A Go

None the less having read all about Wim Hof and his method for withstanding freezing temperatures and the benefits of such, I decided to give it a go👍

Standing, at the age of the river with all the "pros" I did momentarily wonder whether I could just change my mind, but something inside of me said this would be a good thing ( the other part of me was asking if I was completely mad).

As I entered the water I practised the breathing technique and whilst in the first 20 seconds you feel your heart might stop once you have committed and your shoulder are under it is really quite incredible.The ice cold water felt like little needles stinging every each of my exposed skin, but not in a bad way.

The only way to describe it was I felt "ALIVE". After about 5 mins I exited the water elated, the adrenalin rush was unbelievable and I felt "bloody fantastic" all day. I was walking around on a massive high and positively evangelical about the experience.

So why am, I sharing this?

A couple of weeks ago I was working with a client wearing my "mentoring" hat and I asked her to consider doing a couple of things outside of her comfort zone but that I knew would ultimately benefit her. Like me she admitted to experiencing the whole range or emotions - fear, anxiety, failure but none the less decided to do it anyway. I met her today, she had done it, challenged herself, went way way out of her comfort zone but as a result had two new clients in the bag.

We all have our own Personal and Professional Comfort Zones and it can makes us small, weak, and dull. Unless you venture outside of it, from time to time, it will get harder to escape.

Pushing Yourself

Entrepreneur Steve Harvey described the comfort zone as a bubble that contains all the places you like to go and all the things you like to do. He said that if you stay in this bubble, you will never be successful.“You’ve got to put more air in your bubble. You’ve got to blow your bubble up. Expand yourself. Take yourself out of your comfort zone. Do not live in your bubble. Success is not a comfortable procedure.

”So, we need to learn to be comfortable doing the uncomfortable. The comfort zone is not wrong place to be, if we all tried living outside our comfort zone for too long we would end up stressed and ultimately crash and burn. We need to make the comfort zone work for us, remember, if you’re about to do something, and you come up with all sorts of ideas for why you should not do this, this activity will most likely take you one step closer to the person you want to become.

Can I Help You?

I am Mentor not a Coach, I work with you on your business and at times will gently encourage you out of your Comfort Zone, if this appeals to you get it touch. It is really not that scary..... honestly.

 https://calendly.com/nikkstock

Photocredit: : Nikki Stock