![\"A](\"https:\/\/www.rbcwealthmanagement.com\/en-uk\/wp-content\/uploads\/sites\/23\/2023\/10\/A-guide-to-wealth-management-for-women-thumbnail-2.jpg\")
<\/a><\/div>A guide to wealth management for women<\/h3><\/div>\nRedefine your financial future with our strategies for success.<\/p>\n\n\n\n
<\/p>\n\n\n\n
Download guide<\/a><\/p>\n<\/div><\/div><\/div><\/div><\/div>\n<\/div><\/div><\/div><\/section>\n\n\n\nHow does the menopause impact work and finances?<\/h2>\n\n\n\n
The impact of the menopause on finances will largely depend on whether a woman has to take time out of work or stop working altogether. This will typically result in a reduced income or no income at all for a set amount of time. Not only might this influence a woman\u2019s ability to contribute to savings and pensions but it may actually result in them having to withdraw money from savings to cover expenditure. The potential loss to a pension and retirement planning can be significant, as this chart illustrates.<\/p>\n\n\n\n![\"Women's](\"https:\/\/www.rbcwealthmanagement.com\/assets\/wp-content\/uploads\/wme\/uk\/Menopause-image.png?w=1024\")
<\/figure>\n\n\n\nBut the impact can be much further reaching. Many women feel a distinct loss of confidence while going through the menopause \u2013 this can slow down career progression as they may be put off going for a promotion. Indeed, research from the UK government<\/a> reveals that 27% of women say the menopause has had a negative effect on their career progression.<\/p>\n\n\n\nMaria Evandrou, Professor of Gerontology at the University of Southampton, who has studied aging and life course events for 30 years, says: \u201cMany women don\u2019t feel confident talking about the menopause in the workplace in case they are viewed as potentially not competent to be given a higher-level task or more senior role. They don\u2019t know how it is going to be received.\u201d<\/p>\n\n\n\n
This lack of career progression would potentially result in a loss of future earnings \u2013 money that would have been in the bank had they progressed up the career ladder.<\/p>\n\n\n\n
It\u2019s also essential to note that in a marriage or partnership, a woman may be the main breadwinner (or possibly the main breadwinner going forward), potentially earning a higher salary and contributing more to joint savings, mortgage payments and expenditure. This could result in a significant financial impact on the family.<\/p>\n\n\n\n
At the most extreme end of financial impact is the potential for divorce. As Jane Falkingham, Professor of Demography and International Social Policy at the University of Southampton, explains: \u201cIt’s not only the woman who experiences the menopause, it’s the whole family. A number of women we have spoken to have said, \u2018if I knew what I know now, then maybe my marriage would have been healthier\u2019. And some people even said \u2018maybe we would have stayed together\u2019.\u201d<\/p>\n\n\n\n
How to plan for the menopause<\/h2>\n\n\n\n
While most women will go through the menopause, every woman\u2019s experience is going to be very personal to them. The average age for a woman to reach menopause is 51<\/a>, but symptoms can begin years or even a decade earlier, during what\u2019s known as the perimenopause.<\/p>\n\n\n\nThe severity of the menopause is also an unknown. As mentioned earlier, some women will suffer moderate symptoms that may not impact on their work too adversely. However, some will have to stop work altogether \u2013 be that on a permanent or temporary basis. This makes financial planning all the more challenging.<\/p>\n\n\n\n
But as Annabel Bosman, Regional Centre Head – London and South-East, RBC Wealth Management Europe, explains, the menopause is one of several common life events that can adversely affect your financial profile. \u201cThe reality is that many women will likely have to take some time out of work in their lives, be that to raise children, take care of a sick relative or because of the menopause,\u201d she says. \u201cThis is where the value of financial planning really shows \u2013 factoring in these obstacles at the outset of your planning can help fortify you against such disruption.\u201d<\/p>\n\n\n\n
By building in cash buffers or rainy days funds, maxing out savings and pensions, and making the most of tax incentives, such as ISAs, as early as you can, it\u2019s possible to ride out the ebbs and flows of life. \u201cI think this is about back-to-basics financial planning,\u201d says Bosman.<\/p>\n\n\n\n
\u201cWe want to help clients plan for their best life, but also acknowledge that there will be dips along the way,\u201d says Shazna Bishop, Financial Planner and Divisional Director, RBC Brewin Dolphin. \u201cIf you have to reduce the days you work, go part-time or stop work for certain periods, for whatever reason, it\u2019s essential to build that into your overall planning.\u201d<\/p>\n\n\n\n
Having planned ahead, it\u2019s easier to make any adjustments necessary depending on the level to which a woman is affected by the menopause and any other life course events happening, such as taking care of sick parents or children going to university.<\/p>\n\n\n\n
Married women or those with partners may also want to consider the role their spouse or partner can play in financial planning. Can they increase contributions to savings and pensions? Or would it be more efficient for them to liquidate certain assets?<\/p>\n\n\n\n
How can employers help?<\/strong><\/h2>\n\n\n\nBishop also highlights the importance of taking into account what your employer offers from a financial perspective. \u201cDo they provide private medical support or income protection, for instance? See what benefits are available and then consider whether to take out additional forms of cover to top things up.\u201d<\/p>\n\n\n\n
The menopause is increasingly being recognised by employers as a health issue they should be providing support for. \u201cWorkplaces need to consider employment-based options for women going through the menopause,\u201d says Evandrou. \u201cIs there flexibility to work from home? Can you do a senior management job part-time? Could you have unpaid leave for a year and then come back? This not only supports the woman but means that businesses don\u2019t lose highly-skilled valuable talent.\u201d<\/p>\n\n\n\n
What comes next?<\/h2>\n\n\n\n
\u201cHaving a financial plan in place means that once you’re actually experiencing the menopause, you’re not having to worry about paying the bills, and if you need the time out, you know you can because you’ve planned for it,\u201d says Bishop. \u201cA common question I get asked by clients is a simple one \u2013 \u2018Am I OK financially?\u2019 Many want a high-level overview rather than delve into the fine detail. They just want to know somebody is looking after their investments and financial plan.\u201d<\/p>\n\n\n\n
And as Falkingham concludes: \u201cWhile there is still stigma associated with the menopause, with more awareness, flexible employment options and a wider range of financial products, women, in ten or 15 years\u2019 time, will be able to travel through the menopause in a slightly less bumpy way.\u201d<\/p>\n\n\n\n
Where can I find more on the menopause?<\/h2>\n\n\n\n
International Menopause Society<\/a><\/p>\n\n\n\nBritish Menopause Society<\/a><\/p>\n\n\n\nWomen\u2019s Health Concern<\/a><\/p>\n\n\n\n
Redefine your financial future with our strategies for success.<\/p>\n\n\n\n
<\/p>\n\n\n\n
Download guide<\/a><\/p>\n<\/div><\/div><\/div><\/div><\/div>\n<\/div><\/div><\/div><\/section>\n\n\n\n The impact of the menopause on finances will largely depend on whether a woman has to take time out of work or stop working altogether. This will typically result in a reduced income or no income at all for a set amount of time. Not only might this influence a woman\u2019s ability to contribute to savings and pensions but it may actually result in them having to withdraw money from savings to cover expenditure. The potential loss to a pension and retirement planning can be significant, as this chart illustrates.<\/p>\n\n\n\n But the impact can be much further reaching. Many women feel a distinct loss of confidence while going through the menopause \u2013 this can slow down career progression as they may be put off going for a promotion. Indeed, research from the UK government<\/a> reveals that 27% of women say the menopause has had a negative effect on their career progression.<\/p>\n\n\n\n Maria Evandrou, Professor of Gerontology at the University of Southampton, who has studied aging and life course events for 30 years, says: \u201cMany women don\u2019t feel confident talking about the menopause in the workplace in case they are viewed as potentially not competent to be given a higher-level task or more senior role. They don\u2019t know how it is going to be received.\u201d<\/p>\n\n\n\n This lack of career progression would potentially result in a loss of future earnings \u2013 money that would have been in the bank had they progressed up the career ladder.<\/p>\n\n\n\n It\u2019s also essential to note that in a marriage or partnership, a woman may be the main breadwinner (or possibly the main breadwinner going forward), potentially earning a higher salary and contributing more to joint savings, mortgage payments and expenditure. This could result in a significant financial impact on the family.<\/p>\n\n\n\n At the most extreme end of financial impact is the potential for divorce. As Jane Falkingham, Professor of Demography and International Social Policy at the University of Southampton, explains: \u201cIt’s not only the woman who experiences the menopause, it’s the whole family. A number of women we have spoken to have said, \u2018if I knew what I know now, then maybe my marriage would have been healthier\u2019. And some people even said \u2018maybe we would have stayed together\u2019.\u201d<\/p>\n\n\n\n While most women will go through the menopause, every woman\u2019s experience is going to be very personal to them. The average age for a woman to reach menopause is 51<\/a>, but symptoms can begin years or even a decade earlier, during what\u2019s known as the perimenopause.<\/p>\n\n\n\n The severity of the menopause is also an unknown. As mentioned earlier, some women will suffer moderate symptoms that may not impact on their work too adversely. However, some will have to stop work altogether \u2013 be that on a permanent or temporary basis. This makes financial planning all the more challenging.<\/p>\n\n\n\n But as Annabel Bosman, Regional Centre Head – London and South-East, RBC Wealth Management Europe, explains, the menopause is one of several common life events that can adversely affect your financial profile. \u201cThe reality is that many women will likely have to take some time out of work in their lives, be that to raise children, take care of a sick relative or because of the menopause,\u201d she says. \u201cThis is where the value of financial planning really shows \u2013 factoring in these obstacles at the outset of your planning can help fortify you against such disruption.\u201d<\/p>\n\n\n\n By building in cash buffers or rainy days funds, maxing out savings and pensions, and making the most of tax incentives, such as ISAs, as early as you can, it\u2019s possible to ride out the ebbs and flows of life. \u201cI think this is about back-to-basics financial planning,\u201d says Bosman.<\/p>\n\n\n\n \u201cWe want to help clients plan for their best life, but also acknowledge that there will be dips along the way,\u201d says Shazna Bishop, Financial Planner and Divisional Director, RBC Brewin Dolphin. \u201cIf you have to reduce the days you work, go part-time or stop work for certain periods, for whatever reason, it\u2019s essential to build that into your overall planning.\u201d<\/p>\n\n\n\n Having planned ahead, it\u2019s easier to make any adjustments necessary depending on the level to which a woman is affected by the menopause and any other life course events happening, such as taking care of sick parents or children going to university.<\/p>\n\n\n\n Married women or those with partners may also want to consider the role their spouse or partner can play in financial planning. Can they increase contributions to savings and pensions? Or would it be more efficient for them to liquidate certain assets?<\/p>\n\n\n\n Bishop also highlights the importance of taking into account what your employer offers from a financial perspective. \u201cDo they provide private medical support or income protection, for instance? See what benefits are available and then consider whether to take out additional forms of cover to top things up.\u201d<\/p>\n\n\n\n The menopause is increasingly being recognised by employers as a health issue they should be providing support for. \u201cWorkplaces need to consider employment-based options for women going through the menopause,\u201d says Evandrou. \u201cIs there flexibility to work from home? Can you do a senior management job part-time? Could you have unpaid leave for a year and then come back? This not only supports the woman but means that businesses don\u2019t lose highly-skilled valuable talent.\u201d<\/p>\n\n\n\n \u201cHaving a financial plan in place means that once you’re actually experiencing the menopause, you’re not having to worry about paying the bills, and if you need the time out, you know you can because you’ve planned for it,\u201d says Bishop. \u201cA common question I get asked by clients is a simple one \u2013 \u2018Am I OK financially?\u2019 Many want a high-level overview rather than delve into the fine detail. They just want to know somebody is looking after their investments and financial plan.\u201d<\/p>\n\n\n\n And as Falkingham concludes: \u201cWhile there is still stigma associated with the menopause, with more awareness, flexible employment options and a wider range of financial products, women, in ten or 15 years\u2019 time, will be able to travel through the menopause in a slightly less bumpy way.\u201d<\/p>\n\n\n\n International Menopause Society<\/a><\/p>\n\n\n\n British Menopause Society<\/a><\/p>\n\n\n\n Women\u2019s Health Concern<\/a><\/p>\n\n\n\nHow does the menopause impact work and finances?<\/h2>\n\n\n\n
<\/figure>\n\n\n\nHow to plan for the menopause<\/h2>\n\n\n\n
How can employers help?<\/strong><\/h2>\n\n\n\n
What comes next?<\/h2>\n\n\n\n
Where can I find more on the menopause?<\/h2>\n\n\n\n