Wall Street has been preparing for years for the $105 trillion set to move from aging parents to their heirs. But while everyone was watching the next generation, another kind of wealth transfer has been quietly reshaping the world: women inheriting vast fortunes from their late spouses and taking the reins of global empires.

According to the Bloomberg Billionaires Index, more than a dozen women among the world’s 500 richest people have become billionaires after the death of a partner, overseeing a combined $365 billion in wealth, a figure that’s nearly tripled since 2016.

This marks what experts are calling a “sideways succession boom”. And it’s redefining how money moves, how businesses are run, and how philanthropy is practiced.

The Rise of the “Sideways” Successor

Michelle Yue, co-founder of The Beam Network, a financial education platform for wealthy women, describes the shift: “It’s a growing trend. Yet the wealth management industry still treats spouses - especially women - as peripheral when they are central to succession.”

These are not passive inheritances. Many of these women have become active, transformative leaders, navigating personal tragedy while steering powerful businesses into new eras.

“We’re seeing this historic shift where women are inheriting from their husbands,” said Emma Wheeler, head of women’s wealth at UBS Group AG’s global wealth-management unit. “We’re seeing a whole new kind of intra-generational wealth transfer.”

Renata Kellnerová inherited one of Europe’s largest private fortunes after the sudden death of her husband, Czech billionaire Petr Kellner, in a 2021 helicopter crash. In just a few years, she restructured the family’s PPF Group, driving billions in growth and ensuring its continued influence across finance, media, and telecommunications.

The Gender Wealth Boom

The shift is not limited to inherited wealth. The number of self-made women billionaires has tripled since 2016, with most based in Asia, including Zhong Huijuan, the founder of Hansoh Pharmaceutical, and Tatyana Kim, who built Wildberries into Russia’s largest online retailer.

Altogether, the ultra-wealthy women on Bloomberg’s index now control $1.3 trillion in assets - from China’s Zhou Qunfei (touchscreen manufacturing) to Mexico’s María Asunción Aramburuzabala (beer and beverages), and Australia’s Gina Rinehart (mining).

Different Leaders, Different Lenses

Research consistently shows that women approach investing differently. A 2023 Fidelity Investments study found women tend to take a longer-term, steadier approach which is less reactive during downturns and less speculative overall. Similarly, a Warwick Business School study found that female investors’ more measured strategies often outperformed male counterparts.

And that’s changing how wealth is used. Female-led businesses and family offices are increasingly emphasizing social impact and sustainability, prioritizing purpose alongside profit.

Philanthropy as a Financial Strategy

Kathleen Grace, CEO of Fiduciary Family Office, has seen the philanthropy shift firsthand: “Many of our male clients are focused on creating generational wealth first. I do see a growing trend of women building their financial plan around philanthropy.”

The late Steve Jobs’s widow, Laurene Powell Jobs, channels her wealth into The Emerson Collective, a powerhouse in education, immigration, and environmental initiatives. Julia Flesher Koch continues their philanthropic legacy through new charitable ventures under her own name after the death of her husband David. And Christy Walton has built a global network of foundations focused on empowering young people in rural communities following the death of her husband John.

Wealth, Grief, and Reinvention

“For many widows, inheriting wealth is a dual burden of profound grief and sudden financial stewardship,” says Sin Ting So of Endowus, a wealth platform for private clients. “They often face a steep learning curve.”

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Behind every headline figure is a deeply human story. Inheriting billions often coincides with profound personal loss and can bring emotional and legal turbulence. Several high-profile widows - from Ariane de Rothschild to Gayle Benson of the New Orleans Saints - have faced public succession battles before emerging as seasoned, assertive leaders.

The Future of Financial Power

The “sideways” succession boom isn’t just a financial story, it’s a cultural one. It challenges long-held assumptions about who leads, who invests, and whose values define the future of capitalism.

Women are not only inheriting wealth, they’re redefining what it means to own it.

Adapted from Bloomberg reporting

Read more about about Close The Money Gap campaign: https://community.thefemalelead.com/s/money

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22 year old Mary Esposito started her money journey in hospital. At 13, while being treated for an eating disorder, she taught herself to knit and crochet. “It was quite literally all I could do in there. It became a coping mechanism for my recovery in a good way” 

After she was discharged, Esposito began selling her crochet pieces through Instagram. When school later moved online during Covid, she “went all in,” teaching herself how to market products, build an online brand and create content. Her business, ShopPurplePear – named after the plush toy she took with her into treatment – is still running today. “That’s my baby,” she says. 

Esposito was living at home in North Carolina during that period and, like many teenagers, wasn’t paying rent or bills. At 17, with a growing income and little to spend it on, she started researching how to invest. But the more she learned, the more she noticed a gap. “There weren’t a lot of resources out there for women, by women. It became isolating. I wanted to see someone like me in that space.”

Aged 19, she started Money with Mary on Instagram, to connect with other young women who were also figuring things out. “It honestly started as a way to meet people,” she says. “But then I kept getting comments asking how I got to this point, and I realised I needed to pivot. I wanted to bring more women into the space, not just find the ones who were already in it.”

Now, based in New York for a summer internship, Esposito is entering her final year studying business at the University of North Carolina. Money with Mary covers everything from investing and birth control to autism in the workplace and the economics of cosmetic surgery.

“I focus on issues that overlap with feminism, or I take traditional money topics and examine them through a feminist lens.”

No two days are the same. During term time, she loads her classes into the middle of the week so she can focus on other projects around them. She writes scripts in between lectures, edits videos on the metro and responds to emails while walking between meetings. “There’s no clock-out moment when you’re an entrepreneur,” she says. “If something comes to mind and I think it will perform well, I execute on it immediately.”

She keeps a “process list” to help her focus: light a candle, dim the lights, make tea, connect headphones, choose one album on Spotify. “I go until the momentum breaks,” she says. “Because it’s so hard to get that momentum in the first place.”

While her money content lives on Money with Mary, she often cross-posts videos to her crochet account, where she still films with yarn in hand. It started as a way to keep her hands busy but became a clever engagement tool. “It’s like how people now do get ready with me videos or cut fruit while talking. I accidentally found my own version of that.”

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Today, Esposito’s income comes mainly from brand sponsorships and collaborations across her two Instagram accounts, along with occasional freelance work and sales from Shop Purple Pear. But for now, monetisation isn’t the priority. With a full scholarship covering her expenses, she’s using the breathing room to focus on what comes next.

Her goal is to move straight into full-time entrepreneurship after graduation. “I want to set myself up where I’m on this trajectory, where I can just immediately, seamlessly transition without a stop in the corporate world,” she says. That means refining the backend of her businesses – streamlining systems, automating tasks and preparing for long-term growth. “I’m working in my business as opposed to on my business,” she explains. Right now, it’s about building carefully, not quickly.

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By Sally Matthews, Client Manager at Paradigm Norton

Divorce can be one of life’s most monumental challenges, leading to emotional upheaval, and for many, the destabilisation of a foundation that had been built with “forever” in mind.

But for women, the challenges can be unusually pronounced when it comes to finances.

While approximately 70% of divorces are initiated by women, women most often take the brunt of its consequences, certainly in the UK, with their average income dropping by 41% post-divorce (compared to 21% for men).

It’s important to note that most post-divorce research has centred on heterosexual couples, particularly the financial outcomes for men and women. However, issues like asset division and lifestyle changes affect people across all types of relationships.

Why the financial fallout of divorce hits women hardest

Research reveals that one in four women struggle financially after their split, compared to just 16% of men. But why?

According to Legal & General, women in the UK are:

• Twice as likely as men to reduce their working hours after divorce, primarily due to childcare responsibilities.

• Significantly more inclined to forgo claims to their partner’s pension in settlement agreements (28% compared to 17%).

• More often financially dependent on their spouses, with 51% of heterosexual divorces involving women who relied on their husbands for financial support during the marriage.

Thanks to persistent gender norms, earning power disparities, and reduced access to financial information and resources, women often stumble disproportionately into negative financial outcomes, commonly referred to as the “Divorce Gap”.

Here’s how you can prepare for the best financial outcome if you’re getting divorced.

1. Ask the tough questions

Money can be an uncomfortable conversation at the best of times, but when facing a divorce it’s essential to speak up.

The division of labour in relationships is key, and you have every right to knowledge about your household finances.

If you have taken a backseat from a career to raise children, and become more reliant on your partner’s income, you might not feel you can question what they are earning and cash inflows and outflows. But you absolutely do have a right to awareness of what’s coming in and what’s going out, such as your partner’s pension arrangements through work and other financial incentives such as bonuses, share option schemes, share incentive plans or other accounts you might be entitled to.

Start with understanding: what does it cost to run your life? What are your expenses? What do you need to maintain your lifestyle?

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2. Leave no stone unturned

To find out the answers to those questions above, divorce proceedings should start with the advice of a lawyer, who can set the scene and prepare you for the reality of divorce. They can provide a perspective that cuts through emotional fog, to shine a light on options and assets that might otherwise be hidden from view.

To start, most lawyers will point you in the direction of mediation services, which could be a lower-cost option, while being just as effective in coming to an agreement.

In the UK, that same lawyer will also encourage both parties to complete a Form E, to lay bare all income, assets and living costs. You might wonder if this is necessarily or could cause tensions, but doing it properly is critical. Without full visibility, you risk missing hidden assets or undervaluing what's there.

If things get acrimonious, a lawyer can also help you know your rights.

Leave no stone unturned, and make sure you come at the situation with curiosity and an open mind. Even if you’re emotionally attached to something, like the family home, you need to explore all options, even those that don’t feel palatable to you. By looking at all possible scenarios, you’re most likely to reach the best possible outcome.

With this in mind, if you can afford it you can also consider a financial planner who could provide financial clarity into the future, and potentially avoid court time in the process.

3. Don’t forget existing life assurance arrangements

One frequent mistake is overlooking non-obvious financial elements, such as life assurance benefits. The focus can quickly be dominated by the house or the pension pot, but many can forget about what happens in the event an ex-partner dies or becomes seriously unwell.

If they’re providing maintenance for the wife and children, and they die, or are no longer able to work, those payments stop, and you’re stuck. Unless an agreement is in place for any existing or new life assurance, you can be left very exposed and financially vulnerable.

4. Prepare for the first 30 days

Of course, a financial planner and lawyer are not available to everyone.

So, what should all women, regardless of circumstances, do in the first 30 days of divorce?

• Track your monthly and annual expenses, including one-off costs like car repairs or home maintenance. Build a running spreadsheet so you can see your spending clearly.

• Check if your employer offers workplace benefits - employee assistance programs, counselling, or financial health check sessions. There might be support already available.

• Ask if you can access a financial coach or planner for a one-off session. Even without signing up for long-term support, you can still walk away with valuable guidance.

5. Rebuild your financial security

Once the dust of a divorce has settled, a new chapter awaits. And, while for many that feels daunting, there’s an opportunity to tackle this chapter with a renewed sense of adventure. While grief has its place, so too does the act of writing this next phase in life.

Spending patterns change when you're on your own. Take ownership of your immediate and long term financial security. Educate yourself. Read, ask questions, and reach out to those with financial literacy.

By asking for help, women post-divorce not only achieve better outcomes, but also share the load of what can be an otherwise lonely experience.

6. Do more than survive: thrive

Divorce can be painful, which is why it can be so hard for those in its midst to see that it can be a new beginning. Time passes, circumstances change, and one day - as hard as it can be to believe - it simply becomes part of a far bigger story.

Don’t make the same mistakes twice. If you didn’t have open conversations about money with your former partner, don’t let that pattern continue in your next relationship.

You need to be aligned on your values. A second big relationship is often more complex, especially if you have children. It might feel taboo or even triggering, but you shouldn’t shy away from speaking about these important issues.

Disclaimer: This article is for informational purposes only and is not intended to be personal financial or legal advice.

Paradigm Norton Financial Planning Ltd is authorised and regulated by the UK’s Financial Conduct Authority. FCA register number is 455083.

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Imagine if, instead of equations you’ve never used, or history dates you’ve mostly forgotten, school had taught you how to read your pay cheque.

Or what a credit score actually is. Or how to spot a payday loan trap before it starts draining your bank account.

Abigail Foster is trying to make up for that gap. A chartered accountant turned financial educator, based in the UK, she’s the founder of Elent, a platform giving young people - especially women - the tools to feel confident about money.

Online, the 30-year-old is better known as @abigailrosefoster, where she shares jargon-free advice on everything from savings goals to student debt.

She feels that real empowerment has to include financial confidence. Not just the freedom to earn, but the education to use that money wisely, to grow it, protect it, and back ourselves in the long term.

“We're seeing this rise of female empowerment, and I don't think we're seeing the [financial] education matched to that,” she explains.

The result is what she calls “vulnerable empowered women”: full of potential, but left without the tools to make strong financial choices.

Foster shared the five money lessons she believes everyone should know, for The Female Lead’s #CloseTheMoneyGap campaign.

1. Know what you're actually being paid

“I’d go as far as to say 90% of people don’t understand their payslip,” says Foster.

In the UK, things like tax codes, student loans and pension contributions can all affect your take-home pay - and many people don’t spot mistakes for years.

“The first thing you need to do is learn how to read your payslip. Your pay is your responsibility, not your employer’s.”

Here are the key things to check if you are in the UK:

• Tax code – shows your personal allowance (how much you can earn before paying income tax). Most people are on 1257L.

• Pension contributions – check if you're getting the full match from your employer.

• Other deductions – like student loan repayments, which come out automatically once you hit the threshold.

2. Debt isn’t always the villain

There’s a difference between the kind of debt that helps you build your future and the kind that drags you down, Foster says.

“Debt gets talked about like it’s all bad,” she says. “But a mortgage or a student loan isn’t the same as a credit card with 25% interest.”

“You can use credit cards in a positive way, but understand the difference between a good debt versus a bad debt where you're buying outside of your financial capabilities and you are causing financial harm to yourself.”

She believes good debt is borrowing that helps build your future, like a student loan or mortgage, while bad debt is borrowing for things that lose value or aren’t affordable, like unpaid credit card bills or buy-now-pay-later schemes.

“We should’ve been taught how interest works, how to borrow well if needed, and how to avoid spiralling.”

3. Budgeting isn’t restriction - it’s freedom

Budgeting often gets represented as a spreadsheet, a sacrifice, or a guilt trip. But for Foster, it’s something else entirely: a way of taking back control.

“We should’ve been taught to budget based on real life,” she says. “Not some ideal that makes you feel like a failure every month.” As Foster puts it, “it’s the power you get from just having awareness.” 

Sometimes the first step is the simplest: “just to be at home and write out everything you’ve got – all the bank accounts, where they are, what the percentage is on them – and that’s it. That’s as much as you need to do in the first job.”

And often, especially as women, “we’re very good at helping others but not always very good at helping ourselves,” she says.

Her goal isn’t to stop you buying the coffee - it’s to make sure you know what’s left in your account after you’ve bought it.

4. Your credit score matters - whether you like it or not

Most people only find out what a credit score is when they get rejected for something. But it can affect your ability to rent, get a mortgage, even access a phone contract.

“Your credit score is like a trust rating for your financial habits,” Foster explains. “It’s not about being ‘good’ with money. It’s about consistency.”

She says you can build a good score early by paying bills on time, not maxing out credit cards, and checking your report regularly. The better your score, the less you’ll have to pay for things in the long run.

Here are some key ways to boost your credit score according to Foster:

• Keep your credit card spending below 30% of your total credit limit

• Build a strong credit history over time

• Register to vote (in the UK) to help verify your identity

• Always pay off your credit card balance in full and on time

5. Investing isn’t just for rich people

There’s still a perception that investing is for older wealthy men in suits. Foster wants to dismantle that completely.

“I will never, ever be able to (and no one should ever) tell you that investing is 100% safe,” she says. “What I can tell you is, if you look at the numbers – leaving your money in a current account, due to inflation, the value of what that money can buy will decrease over time.”

If that sounds abstract, here’s the reality: “If you had just invested in something like the S&P 500” – a collection of 500 of the biggest companies in the US (E.g Apple and Amazon) - “on average, it returns 7% to 8%, which often beats inflation. This means that actually all your money is growing over time. And so the purchasing power of your money is increasing.”

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Understanding investing means understanding things like compound interest – where your money earns interest on both your original amount and the interest it’s already gained. Inflation slowly erodes the value of your money, so doing nothing can mean losing spending power over time.

“We should’ve been taught about this at school,” Foster says. “Doing something with your money – even just a little – is better than doing nothing at all.”.

Bonus lesson: the most powerful investment is in yourself

Beyond stocks, pensions or property, Foster wants to reframe the idea of investing altogether.

“People forget that spending money on themselves isn’t a bad thing,” she says. “You can spend money on levelling up your skills, which gives you a pay rise, which helps you buy the things you want.”

What frustrates her most is a double standard: “People will invest in the stock market, but won’t invest in their own businesses.”

Whether it’s learning a new skill, starting a side hustle, or just getting to grips with your own financial life, Foster’s message is: you don’t have to get it perfect, you just have to get started.

Disclaimer: This article is for informational purposes only and is not intended to be personal financial or legal advice.

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If you haven’t, please take our short money survey and get the chance to win a £200 Amazon gift card (eligibility and Ts & Cs here) as a small thank you.

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It’s the last week to take part and help make an impact 💪

Did you know that boys earn 20% more pocket money than girls in the UK?

The gender pay gap starts at school, and continues into pension age, when, by age 65, women will have saved £69,000, versus men, who will have saved a cool £205,000.

We’re more financially empowered than ever - and yet the lifelong money gap persists.

By listening to you, our amazing community, we plan to uncover what money really means to women in 2025, and drive conversations to start shifting the dial.

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Let’s be frank, it’s not easy talking about money.

But The Female Lead needs you to be part of our next major piece of research to explore what women really want and need when it comes to money.

Please take our short survey and get the chance to win a £200 Amazon gift card (eligibility and Ts & Cs here.)

Take the money survey

This is an urgent conversation.

Young women today are one of the first generations of women to have full control of their finances (did you know it was only in 1975 that women could open a bank account in their own name in the UK?)

We’re more empowered than ever, yet talking about money can still be taboo, which means we don’t always get the support and advice we need.

Our aim is to drive conversations to help close the money gap: the effect that starts in childhood and means that throughout our lives, women earn less, invest less and have a different relationship with money compared to men.

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Take just some of these stats:

• Boys earn 20% more pocket money than girls every week in the UK (Childwise)

• Female students in the UK report a financial shortfall of more than double that of male students (Blackbullion)

• The motherhood penalty is the biggest driver of the gender pay gap, accounting for 60% of the gap across 25 European countries (OECD)

• Men have £567 billion more invested than women in the UK (Boring Money)

• By age 65, women will have saved £69,000 versus men - who will have saved £205,000 (Pensions Policy Institute)

• Only 11% of UK women end up with a pension settlement in a divorce (Royal London)

Take the money survey

It’s time for change.

Take our 6-minute money survey to be part of our study which will fuel our campaign to close the money gap and help women find financial freedom. Thank you.

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Overspent at Christmas? Credit card bill through the roof? It’s time to regain control of your finances – yet Gen Z and millennials may have to take a different path from their parents.

So says Charlotte Jessop, personal finance educator, social media star, blogger and author, who has aimed her new guide, The Modern Money Manifesto, at younger generations who are having trouble navigating their finances.

Many feel they have no chance of getting on the property ladder, can’t see an end to university debt or the high cost of living and live in a world of work where opportunities of high-flying careers seem to be diminishing. They may have to let go of the traditional life path, she says.

“In my parents’ (baby boomers) generation the norm was that you had a job, you bought a house, had a couple of kids, worked hard and retired, whereas now it is harder than ever so we have to be a bit more proactive in some of these decisions.”

Jessop, now 37, saved like mad as a maths teacher and managed to buy her first house with her (now ex) husband in Norfolk before she hit 30 but found that things had to change when she had children (she has two, aged nine and seven).

They both started working part-time and sharing childcare because it left them with more disposable income than if they’d been working full-time with childcare costs, she recalls.

“When I was on maternity leave with my youngest I started a business (a blog) talking about finance online and sharing the things that I’d learned and the websites that I found were saving me money and grew a following around that.”

The blog, Looking After Your Pennies, chronicled her financial learning as she began to look at her finances differently. She now has a thriving YouTube channel, nearly 19,000 followers on her Instagram account and a TikTok page.

Her new skills enabled her to create additional income and, through saving like mad and living frugally, she managed to afford to take her family on a trip around the world, with newfound freedom, income, time and deep reflection on life goals.

Here she offers millennials and Gen Zs some timely tips on regaining control of their finances.

1. Manage debt through different strategies

“A lot of people have debt in multiple places. It might be on credit cards and a loan. If you’re looking to get out of that debt, recognise how much that debt is and the interest rate you are paying on that and then follow some strategies.”

2. Debt snowball

“This is where you try to focus on paying off your smallest debt. So let’s say you owe £250 on your credit card and that is the smallest debt you owe. Make sure you’re paying all the minimum payments on all the other debts you have and if you have any extra money you will put it towards your smallest debt.

“The beauty of that is that you should pay off that small debt quite quickly, which will keep you motivated. Then you work on the next smallest one, which is how you get that snowball effect. As you pay off those debts, you have more money to pay off the next one.”

3. Avalanche

This is where you focus on paying off the debt with the highest interest rate first, while paying the minimum on other debts. Once the highest interest debt is paid off, move to the next highest.”

4. Consider moving your debt

You might consider transferring the debt to a lender who is charging a lower interest rate or even no interest rate for a set period, or just consolidating your debt so you have a personal loan instead of multiple credit cards, which can be a positive strategy, she agrees.

“A lot of that is going to come down to your mental capacity to look into that and figure it out. If people are struggling with that idea, I encourage them to reach out to some of the free debt helplines that are out there, like StepChange and National National Debtline. These places will help you navigate your debt.”

5. Try to bring in more money

“You can either cut back on your spending, which is probably going to mean some sacrifices along the way, or look to increase your income.

“This could mean looking for another job or seeking a promotion, or making sure your investments are having a good interest rate. It might mean increasing your hours or starting a business.

“But the only real way to protect your current lifestyle and increase the availability of cash to achieve your bigger goals is to increase the money that you have coming in.

“You might have to retrain, but it’s possible. Look at what’s available to you and think about training in a slightly different area which might open doors for you.”

6. Take little opportunities to make ends meet

“At the beginning I made sure that everything I bought I was getting cash back on. I did things like market research opportunities online, where I’d do a survey and they’d give me £50 for my time.

“I became a mystery shopper, where I’d walk around a supermarket, take a few photos, write a report and they’d give me money for that. You can find these opportunities online.”

7. Be property smart

If your goal is to buy a property, don’t think that you have to do it with a romantic partner – you could buy with a friend or a sibling, she suggests.

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“You could also look at shared ownership, owning a smaller percentage of a property and staircasing as you go. Whereas in previous generations you just put down your 10% deposit and bought a house, now we need to develop a slightly more creative solution for getting on the housing ladder.”

8. Focus on a specific goal

“Be really clear on what your goal is, because it’s easy to coast through life and go, ‘I want to buy a property, but it would also be nice to go away’. The most significant change you can make is to focus on your goal and make everything else around that feed into that goal.

“For instance, if you want to buy a house you might need to save some more money, you might look for somewhere cheaper to buy, or to increase the amount of money you’re earning, which might be through a new job.”

9. Seek investments

“Start young. I was talking to 14 and 15-year-old students the other day who have 50-plus years before they retire, and it would take them as little as £70 a month for the next 50 years to make them over £1 million on the stock market, given an historically average plan. So starting young is crucial.”

Tax-free Isas are a good place to start, she recommends.

Take pensions early with every company you work for, she advises, and keep tabs on all the pensions you accumulate through your career, because a collection of small pots could result in something much bigger.

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By Rajiv Prabhakar, Senior Lecturer in Personal Finance, The Open University

This article is from The Conversation. It represents the author’s views alone, not those of The Female Lead.

This gender pay gap is both well known and yet not fully understood. Women in general do a disproportionate share of unpaid caring and get lower pay. But what is much less known is how this gender pay gap is compounded once women leave the workforce and then go on to experience a gender pension gap. This can be around 35% in private pension wealth.

But to understand the cause of the pensions gap, we have to start with pay. The gender pay gap is usually based on the difference in average hourly pay between men and women. Official data uses the median person – that is the person in the middle of a spread of pay – to work out the average. But it is important to unpick differences between full-time, part-time and other types of work.

Looking at official figures for the UK, in 2024 average hourly pay for full-time workers was 7% less for women than men. But for part-time work, the average hourly pay for women was 3% higher for women than men. So it’s a complicated picture where men enjoy higher pay than women in full-time work but are paid less in part-time work.

However, part-time work is usually paid less per hour than full-time work and women make up a larger share of part-time workers. Looking at all workers, both full-time and part-time, the average hourly pay in 2024 was 13.1% less for women than for men. This is often the reported headline figure for the gender pay gap.

There is some good news though – the gender pay gap has been narrowing over the past 20 years. The gap for all employees more than halved from 27.5% in 1997 to 13.1% in 2024.

What causes the gender pay gap?

There is no single cause of the gender pay gap. One of the most important contributors is the greater share of unpaid caring that is done by women rather than men. Women are more likely than men to take time out of the workforce to raise children and more likely to work part-time while children are at school.

One way this is illustrated is how the gender pay gap changes with age. The 2021 census for England and Wales shows that the average age that women have their first child is nearly 31. In 2024, the gender pay gap for men and women aged from 22 to 29 for all employees is 3.4%. However, the gender pay gap begins to have an impact on women in their 30s and 40s, rising to 9.7% in their 30s and 16.5% in their 40s. So the pay gap widens during the years of raising children.

Much of this may be depressingly familiar. What is less reported however is how the gender pay gap continues to affect women beyond the workforce. Successive UK governments have taken steps to have greater equality between men and women in the state pension (although there is a debate about how these changes have affected women born during the 1950s).

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In a knowledge exchange project I did at the House of Commons Library, I noted that the gender pay gap feeds directly into how much women save into private pensions. This occurs in two ways. If people spend time out of the workforce then they are less likely to add to a private pension. Second, being in lower paid or part-time work means that women then make lower contributions than men into private pensions.

The result is the gender pay gap is compounded into a much bigger problem of the gender pension gap.

Since 2017-18 all employers with 250 staff or more have been required to publish data on the gender pay gap. However, it was only in 2023 that the UK government published data for the first time on the gender pensions gap. This data suggested a gender pension gap of 35% in private pension wealth.

Tackling the roots of the gender pay gap then will improve not only the situation for women in the workforce but also will affect their outcomes in retirement. Women on average live longer than men. So women on average need more pension wealth to have the same amount of income per year during their retirement.

Regular reporting of the gender pay gap has helped, and reporting of the gender pension gap should highlight the wider impacts.

Paid childcare is likely to be vital for reducing the barriers that women face in entering the workforce. There are other potential policy changes to automatic enrolment into a workplace pension that could be helpful.

There is no quick and easy solution, and for millions of women who have retired already any change will come too late. But recognising that the gender pay gap has effects beyond the workforce is an important start.

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Financial feminism means getting a better understanding of your wealth, learning to grow it, and helping other women to do the same. 

The way we spend and invest impacts our lives, and the world around us, and money can be a powerful tool to support gender equality, if your financial situation allows you to.

Follow these four tips to get started.

1. Change your money mindset

Our financial beliefs shape our choices. It's common to inherit your feelings about money from society or your family. Understanding them can help make money something that empowers you, rather than a source of stress.

A study by Brandon Klontz revealed four ‘money scripts’ or behaviours you might identity with:

• Money Avoidance: Fear and disgust towards money, feeling guilty for wanting more

• Money Worship: Believing money is the key to happiness, always wanting more

• Money Status: Equating self-worth with net worth, seeking status through material possessions

• Money Vigilance: Valuing frugality and saving, anxiety about spending and keeping income private

Reflect on how money was discussed in your home and the ideas that have had influence over you. For instance, did you grow up hearing that ‘‘making money has to be a struggle” or that “people with money are shallow and greedy”?

Consider how these beliefs have impacted your life, and try to counter them with ideas that reflect another perspective. This could be: “I deserve to be paid for my skills, time and knowledge” or “Money is important to me, but there are other things that can make me happy too”. Re-evaluating can help you work towards a healthier relationship with money.

2. Spend for impact

The way you spend money impacts the world, every single day. With every credit card swipe or Apple Pay tap, you support companies, individuals, their values, and their operations. 

So, by being deliberate about where you spend your money, if you are able to, you can support female-led businesses, eco-friendly initiatives, local markets, LGBTQ+ inclusive spaces, or whatever your ethical compass desires.

3. Negotiate your salary

A study from academic Linda Babcock’s book Women Don’t Ask revealed that only around 7% of women attempted to negotiate their first salary, contrary to 57% of men. 

Because sexism is built into the workplace, we aren’t keen to ask for more. Negotiating your salary will set a precedent for other women – your colleagues or family and friends – to do the same. You deserve a sexy salary, and so do the other women in your life. You can find helpful salary negotiation frameworks in the Juno app.

4. Unleash your inner investor

You most likely already are an investor. If you have a pension, your money is invested in a financial product on your behalf. And if your financial situation allows, you can invest even more, and there’s no reason to think you won’t be good at it.

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When women do invest, they behave very similarly to men, and may even slightly outperform them, according to recent data from Interactive Investor. You can be a successful and adventurous investor, and choose a level of risk you feel good about.

Closing the investment gap between men and women – which currently stands at £500 billion in the UK – is the ultimate financial feminist move. Increasing women’s shares in the corporate world means simultaneously enhancing our wealth and decision making power. How can we run the world if we don’t own it?

Nothing bad happens when women have more money.

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We’ve been collaborating with women’s finance app Your Juno to bust myths about women and investing and share tips for managing your finances.

Here, Alexia from Your Juno breaks down three key concepts for first-time investors.

Head to our Instagram account to find more including a script for negotiating a salary raise, why investing isn’t just for rich people, if money really can buy happiness, and why a raise early in your career could help you retire earlier.

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It’s never too early – or too late – to start a new money habit, although new research suggests many of us are behind where we’d want to be in life.

More than two-fifths (43%) of 35-54-year-olds haven’t yet ticked off money planning tasks such as making a will, paying into a private pension pot, speaking to an adviser or increasing their workplace pension contributions, according to a survey for money advice firm Octopus Money. One third (33%) of those aged 55-plus say the same.

So, how can you kickstart new money habits – whatever your stage of life? Kelly Atkins, head coach at Octopus Money, shares the following suggestions…

In your 20s

Atkins suggests trying to build an emergency fund – typically enough to cover around three months worth of outgoings – in case something unexpected happens, so you can avoid having to make drastic decisions or falling into debt.

She also suggests working towards paying down any non-mortgage debts and considering ways to boost your credit score, adding: “Did you know that signing up to the electoral register can boost your score?”

Understanding your workplace pension is also key, she says: “Your future self will thank you if you make the most of this while you’re young.”

In your 30s

“If you didn’t do it in your 20s, then it’s time to consider who’s reliant on your income and what might happen if you couldn’t work,” says Atkins. “Reviewing any insurances and protection policies is really important.”

She adds: “If something bad happens, it’s important to know that you, or those that you love, will be financially OK.”

It’s also a good time to consider saving towards future goals.

“If your goals are more than five years away then investing could be a good option,” she suggests.

However, remember that the value of investments can go down as well as up, and it’s important to consider carefully whether this is right for you at this point in time.

Writing a will could also be a consideration, she says, adding: “From the point when you have assets to pass on, you should start making it clear (legally) who you would like to benefit from these, if the very worst happened.”

In your 40s

Atkins suggests setting time aside each year to make sure your insurance is up-to-date and reflects any changes in your life. She also suggests reviewing pension holdings, including what funds you’re invested in.

“Many of us are in default funds selected for us years ago and they might not be at the right level of risk for us,” she says.

“You’re still young enough to have a positive and significant impact. If you’re earning more than you used to, you could be in a position to consider increasing your workplace pension contributions more significantly.”

In your 50s

“You could be in the fortunate position of having a bit more disposable income, and so it’s important to make sure you’re making the most of any tax-efficient options to keep growing your wealth,” says Atkins.

Free pension guidance is also available for over-50s from the Government-backed Pension Wise service, or you might want to consider paying for financial advice.

In your 60s and beyond

Financial advice can be key at this life stage, says Atkins.

“You might be looking to the future and thinking about your estate planning, and how you pass on wealth in tax-efficient ways to those that you love,” she adds. “It’s worth making sure you’re making the best use of your ISAs and pensions.”

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More than half (59%) of households don’t have a budget they stick to each month, according to new research.

But, with a number of bills increasing from April, and many people already feeling the strain, could this be a good time to take a closer look at your costs and spending?

Having a budget in place can help you gain a sense of control over your finances – and over a quarter (27%) of people say rising costs have actually prompted them to start budgeting, the poll for wealth manager RBC Brewin Dolphin reveals.

Eighteen to 24-year-olds are the most likely age group to say rising costs have prompted them to budget, while those aged 65 or over were least likely, the survey of more than 2,300 people in February found.

When looking at what’s stopping people creating a budget, 14% say they don’t have the time, and one in 20 (5%) simply don’t know how.

However, it might not be as complex as some might believe.

“Having a budget is the foundation stone of planning your household finances,” says Carla Morris, financial planner at RBC Brewin Dolphin. “It gives you a month-to-month breakdown of your income and outgoings, making it easier to manage your money, identifying where savings could be made, and giving you a clear view of how much you should be able to contribute towards your long-term financial goals.

“It is worrying that so many households do not have one in place, particularly given the financial pressures many have been put under in the past few years.”

Here, Morris shares some top tips for getting on top of your budgeting…

1. Take it back to basics

Morris says: “Coming up with a budget can be as simple as looking through what goes into your bank account every month, and what goes out. Make a budget work for you.”

You can use software, or even just a notepad to write things down. “There is no right or wrong way to do it so long as you have the right information,” Morris adds.

2. Can you boost your income?

If you regularly have more money going out than coming in, this could soon lead to problems.

“If your budget is not in surplus, then it’s unsustainable,” says Morris. “If you want to increase your income and your job allows for extra paid hours, that could be one option. Alternatively, you could look at starting a small business or project, although this may require some money up front, or selling belongings through services like Vinted, Depop, or eBay.”

3. Can you cut your spending?

“Sometimes it’s just not possible to increase your income, so cutting spending is the only option,” Morris adds.

“Look through your direct debits – what are they for, and do you really need them? If you subscribe to multiple streaming services, cutting down to one may be a straightforward way of saving hundreds of pounds per year.”

4. But be careful what you cut

“If you are cancelling direct debits, keep in mind how they fit into your long-term goals. Insurance can be among the first things people look to cut, but don’t sacrifice a benefit that may pay off in future years for a relatively modest short-term gain,” Morris cautions. “Likewise, try to avoid cutting contributions to your pension, as small cuts now may make a big difference much further down the line.”

5. Prioritise expensive debt

Morris suggests checking the interest rates on debts and prioritising the highest interest ones when clearing them.

If you’re struggling, contact your lender to discuss the options and consider speaking to a debt help charity.

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Teenagers are worried their generation’s lives will be worse than their parents’, a new survey found.

According to the YouGov poll on behalf of children’s charity Barnardo’s, which quizzed British 1,001 teenagers aged 14 to 17, money, the job market and climate change were among their biggest concerns.

Asked to imagine their lives at 30, more than half (55%) said they believed things would be worse for them compared to previous generation’s lives, with 9% even saying they felt “hopeless” about the future. Some 19% of the teenagers polled said they struggle with money worries.

With many households feeling the ongoing strain from the cost-of-living crisis, and lots of families struggling with energy and food bills – as well as rising housing and university costs – it’s perhaps little wonder young people are so worried about finances.

“Money has become a significant source of anxiety for young people in the UK, particularly in the context of the cost-of-living crisis, but not just limited to this,” says Lesley Thomas, founder of The Money Confidence Academy and host of the Let’s Talk Money And More podcast. “This crisis has been heightened due to existing financial pressures, making it even more challenging for young people to contemplate their financial futures.”

So, how can parents and carers talk to teens about finances, and help them build more money-confidence?

Normalise talking about money 

It’s crucial to approach money conversations with teens in an open, non-judgmental manner.

“Start by creating a safe space, where they feel comfortable expressing their concerns and asking questions. Parents could include teens in budget conversations, whilst using real-life examples and relatable scenarios to illustrate financial concepts, making the discussion more engaging and accessible to them,” says chief financial wellness coach and CEO of Roots to Froots, Arlyne Chinyanganya.

Teach them about budgeting 

There are many actionable steps you can take to help teens build their money confidence, says Rachel Kerrone, personal finance expert at Starling Bank.

“One way is letting them take over the household budget for a day or week,” Kerrone suggests. “However scary, giving them autonomy over finances is the best way for them to learn and build confidence. You can start small by setting them a specific task to manage money for, like a family meal or weekly shop.”

Encourage a positive mindset

Kerrone adds: “Another practice to instil positivity around money is teaching them to express gratitude. By writing down three things they’re grateful for before bed, they can focus on the positives in their life and put perspective on the negative financial worries.

“Teenagers may also be feeling anxieties over money due to what they’re seeing on social media and the feeds they follow, where they compare their lives to others that may look more lavish. But remember we don’t know the true story behind the feeds. Encourage your children to remove the temptation to compare, and unfollow or block the social media profiles that trigger that,” she adds.

Help instil a saving habit as early as possible

Kerrone says: “Financial problems and worries don’t go away by themselves and shouldn’t be ignored. A way to encourage this is by teaching teenagers budgeting and saving skills. They can start small by putting aside some money each week; £5 can accumulate to £260 by the end of the year. If they have a specific purpose for this saving, this can help them commit to it. This can help teens be more comfortable with money and build up a financially confident mindset.”

Thomas says keeping ELSIPP® in mind – an acronym she coined, which stands for Earn, Learn, Save, Invest, Plan, Protect – is a helpful way to approach this.

She explains: “Earn (money through work, chores, pocket money, or gifted to you ). Learn (learn about money through your own research, asking questions and seeking out trusted advisers). Save (work out a budget and what you can afford to set aside, having decided what your financial goals are, short-term, medium-term and long-term).

“Invest (understand the options available and also your own risk profile, by doing your research and being sensibly curious – if it looks too good, it usually is). Plan (Plan ahead, you may not appreciate it right now, but life moves fast, work out what you want to achieve in the longer term and how you are going to achieve it). And finally protect (look at ways to mitigate the tax you will have to pay on money earned, do your research, plan carefully, speak to trusted advisors).”

Investing may not be suitable for many teenagers at this stage of life, but there’s no harm in supporting their financial literacy and confidence by having these conversations.

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The gender pension gap – or the difference between the amounts that men and women have saved for retirement – can be tough to overcome, with females often bearing the brunt of caring responsibilities and earning lower wages.

Ahead of International Women’s Day (March 8), a new survey has shed further light on the gap.

It found six in 10 (60%) of women haven’t done any pension planning beyond making sure they’re enrolled in their workplace scheme – higher than the 46% of men surveyed who also said this.

Less than half (44%) of women with a workplace pension say they know how it is performing, compared with six in 10 (60%) men, the research for at-retirement adviser My Pension Expert has found.

Women in the Opinium survey of 2,000 people in January were also more likely to say they contribute only the minimum amount required into their workplace pension pot (19%) compared with men (15%).

Lily Megson, policy director at My Pension Expert, says: “Our research casts a daunting shadow over the financial futures of British women as the gender pensions gap once again rears its ugly head.”

The research follows a recent report from pensions provider NOW: Pensions and the Pensions Policy Institute (PPI), which indicates that women face needing to work for an extra 19 years to retire with the same pension savings as men typically.

There may be some steps women can take to at least narrow the gap.

Jackie Leiper, managing director at Scottish Widows says: “One of the most important things women can do is to always keep in mind their own personal finances, including their pension. We know that around one in five women plan to rely at least in part on their partner’s income during retirement.”

Leiper advises keeping pensions “in the discussion” – including if a couple decide to call it a day and get divorced. Pensions may be overlooked when couples split.

For those in a couple, consider the financial impact of career breaks and caring responsibilities on both of your retirement plans, and perhaps discuss ways that they could be shared more equally.

And, if you’ve taken time out of work, it could be worth checking whether you’re eligible for national insurance credits, which could count towards the state pension.

The earnings “trigger” for people to be automatically placed into a workplace pension by their employer is £10,000 – but if you’re earning less you could still ask to join.

If you’ve worked for several employers, you might have other pensions. The Pension Tracing Service can help to track them down.

Childcare costs can also make pension saving harder – check you’re getting the help you’re entitled to at Childcare Choices.

Leiper also suggests paying into a pension from an early age. This can help off-set income drops later, if you take a career break or go part-time.

She explains: “By taking control of their contributions and increasing them as early as possible, young women stand a fighting chance of improving their long-term savings outlook.”

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Britain fell into recession at the end of 2023, latest official figures have revealed.

According to estimations from the Office for National Statistics (ONS), gross domestic product (GDP) fell by a worse-than-expected 0.3% between October and December, following a drop of 0.1% in the previous three months- marking the first time the UK has technically entered recession since the first half of 2020, when lockdown hit.

Economists reckon it’s likely to be short-lived, but the term ‘recession’ is always alarming, especially with households already feeling the squeeze. So, what does it actually mean for your money?

How much impact will it really have ?

“We are now technically in a recession. But frankly, if we’re a few points above or below the recessionary line, this is mostly of interest to politicians and economists,” says Rajan Lakhani, personal finance expert at smart money app, Plum.

“For everyone else, the facts remain the same: growth and productivity have been much lower than they should have been for many years. The effect on people’s finances is stark when you look at the bigger picture. In real terms, if the economy had continued to grow, households would be [much] better off, according to the Resolution Foundation.

“Although there has been some ‘good’ news with wages rising in real terms and inflation overall remaining steady as food prices fell, services inflation has unfortunately continued to rise. You can see the impact of this when it comes to the everyday expenses of households.”

Chris Davis, CEO of MoneyPlus Group, adds: “We know from our own data people are having to make their money stretch much further than before, and it’s putting pressures on households. This recession is expected to be shallow, but it’s no secret we are in a cost of living crisis and with inflation at 4%, household costs are continuing to rise.”

Childcare costs still a concern

Lakhani says: “We recently dug into childcare costs, an essential expense for many families, and found that 37% are now spending more than £200 a week on childcare, up from 29% in January 2023. This is an enormous increase, especially when you consider that the UK was one of the most expensive countries in the world for childcare before inflation started to bite, and is having a knock-on effect on the economy as many parents are forced to drop out of the workforce.”

What about mortgages and rent?

When it comes to mortgages and housing costs, it could be a mixed bag.

“The Bank of England’s strategy to quell inflation – raising interest rates to their highest level in more than 15 years – has hit mortgage holders hard,” he says. “We haven’t yet seen the full impact of this yet as more than 1.6m people are due to remortgage this year and will have to pay higher rates than their current mortgage. House prices also fell again according to Bank of England, so people will be feeling less well-off and less likely to spend.

“Following yesterday’s steady inflation reading, it looks more likely rate cuts are on the horizon. The markets are now forecasting a 75% chance of rate cuts by June, which will be some welcome relief for those with a mortgage. But less good news for those currently benefiting from higher interest rates on their savings.”

Liz Hunter, director at Money Expert, says: “A recession may actually provide relief for those with mortgages who have been suffering with particularly high rates as inflation increased. As the cost of borrowing is reduced during a recession, banks and building societies often start lowering their own interest rates.

“Unfortunately for renters, the cost of renting usually goes in the opposite direction and tends to remain high. Rent prices usually soar due to increased demand, as there are many people who may have sold their homes and need somewhere temporary to live until the economy and their finances improve.”

Will it hit motorists? 

“Unfortunately for drivers already experiencing higher car insurance rates due to inflation, climate change and increased costs for insurers, a recession can push prices up even more,” says Hunter. “Insurance companies often invest their premiums, but recessions can cause these investments to lose value. To compensate for their losses, they could raise premiums.

“To try and reduce premiums, if you’re due to renew, use a price comparison site to compare rates from multiple providers to find the best deal.”

Will supermarket prices go up again?

“Many people tend to curb spending during a recession, which leads to a fall in demand. However, the prices of food often stays the same due to inelastic demand [people need to eat regardless],” says Hunter. “Even if prices remain relatively stable, you could still make cutbacks to help your income go further. For example, with your food shopping, you could choose supermarket own brands, start buying in bulk, or plan your meals more thoroughly to reduce waste.”

What should you do if you’re worried?

If mounting living costs are leaving you with growing debt and anxiety, reach out for support sooner rather than later. “Our research shows talking about debt has become a taboo for many. We need to break this habit,” says Davis, noting there can be a lot of shame and stigma associated with debt.

“We’ve found the majority of people feel better after talking about shameful topics, so it’s time to open up and tackle this properly,” he adds. “First and foremost, speak up. The average total debt per household, including mortgages, is around £65,510 according to the Money Charity. It’s important to know you’re not alone but that you can take action.

“Look at how much you currently owe, your interest rates, payment plans and end dates. Once you’ve consolidated all this information, you’ll have a solid grounding to understanding what you can afford to pay back.”

Charities such as Step Change and Citizens Advice can provide guidance, and it’s always worth speaking to your bank and providers to see how they could help too.

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The squeeze on people’s finances can be particularly painful in January (Alamy/PA)

January can be a grim month – not just because of the miserable weather, but also because of most people’s financial situations. Stretching out a battered and bruised December pay packet across the first month of the new year is no easy feat.

Not only will Christmas spending have taken its toll, but many people will have been paid earlier in December, so that they could receive their wages in time for Christmas.

While this was handy at Christmas time, it also means pay packets need to stretch over a longer time period, until the next payday.

To make things a little easier, here are some suggestions for eking out your pay until the January payday comes around:

There are steps you can take to stretch your budget further in January (Alamy/PA)

1. Set a budget

To reduce the risk of going into debt, or taking on more debt, check your bank balance now and factor in any regular payments that will be taken out of your bank account before your next payday. Then work out how much you can afford to spend each week, or even each day, before your pay lands in your bank account.

2. Don’t forget about any buy now, pay later spending

Many people will have made buy now, pay later (BNPL) purchases over Christmas, and while this can be a handy way to spread the costs it could be easy to forget about these additional repayments that will be coming out of your bank account. Go through what you spent over Christmas and jog your memory about any purchases that were made using BNPL.

Some people may find that making BNPL purchases in January can help them to get to the end of the month, but if you’re already financially over-stretched, you could be creating more problems.

See if you could cut the cost of your borrowing (Owen Humphreys/PA)

3. Cut the cost of your borrowing

If it’s costing you a lot of money just to pay the interest on your debts, have a look to see if you can cut the costs, perhaps by taking out a 0% balance transfer card. Don’t forget to factor in any charges though for comparing the balance. You could see your chances of being accepted for different cards by carrying out a “soft” credit search. This gives you an indication of how likely you are to be accepted before taking the plunge, rather than a “hard” credit search, which will leave a footprint behind on your credit score.

Could switching current accounts help you to manage your money more easily? (Tim Goode/PA)

4. Consider a new current account

Does your current account do what you want it to or is there another deal out there which would suit your needs more? Some current accounts offer cashback on spending or have linked savings accounts with high rates of interest. Some also charge more for using overdrafts than others. And many have handy budgeting tools in their apps which may help you manage your finances more easily. Some providers also offer cash to switch – which can also be handy when you’re looking to make your budget go further.

5. Raid your loyalty points

If you’ve got any loyalty cards hanging around with unspent points on them, now could be a great time to dust them off and put them to use, to help plug gaps in your budget.

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(Alamy/PA)

There’s no beating around the bush… we’re all on a mission to have a bit more money in the bank as we look ahead to the coming year.

And with that, more spending power for when the time comes.

To put you on the front foot and help keep your finances up to speed, check out these cost-cutting hacks….

Health and wellbeing

(Alamy/PA)

“The New Year is always a popular time to get into fitness, with people setting ‘New Year, New Me’ goals, such as taking up a new sport or getting back to the gym,” says Amy Knight, personal finance writer and expert at NerdWallet.

But while you may find discounts on fitness equipment in the January sales, she advises to prioritise paying off any debts first, so you can start the year with a clean slate.

“Avoid making purchases until you know for certain you will stick with your new exercise regime, and if possible use guest passes and free trials before committing to a monthly membership,” she advises.

Food shopping

Knight says: “Save money on your food shopping with supermarket loyalty schemes, or by downloading supermarket cashback apps such as CheckoutSmart, Quidco, or Shopmium.

“Just keep an eye on the offers available by checking the app, and you might find some products are even eligible for 100% cashback.”
Offers can range from food and drink to toiletries and pet supplies.

“Switching to a cheaper supermarket can also help,” says Knight. “Set a monthly budget for your groceries and keep an eye on your spending to make sure you stay within it, where possible.”

Planning your meals will help you minimise food waste by making the most of your ingredients, notes Knight, and you’ll know exactly what you need in advance. “Then, stick to that shopping list and avoid impulse purchases to keep your spending down.”

Commuting

Consider walking or cycling, suggests Sarah Shea, environmental sustainability officer at Glasgow Kelvin College.

Walking to work is good for the mind, body and soul – as well as the pocket (Alamy/PA)

“It’s a free commute, gives you some exercise, and has wellbeing benefits as an added bonus.

“Although a bike can be an initial outlay, many organisations have a ‘Cycle to Work’ scheme to help you purchase a bike (if needed) – it will be cheaper than a car in the long run,” notes Shea.

If travelling by bus or train, she says to buy a monthly or weekly pass if you’re using them regularly.

“It’s a big saving when compared to single fares. Check whether you qualify for discounts, for example First Bus offers organisations who sign up to their ‘Commuter Travel Club’ discounted tickets.

“If you need to use a car, try to carpool with friends or colleagues,” says Shea. “It will cut your commuting costs in half or more if you share the load.”

Going out

There are easy savings to be made with larger group socials (Alamy/PA)

“It can be daunting to plan a day out (by yourself, with friends, or family) if you’re trying to save money,” says Sarah-Jane Outten, savings expert from MyVoucherCodes.

“But a good day out doesn’t have to come at a cost, and there are plenty of ways to save cash while doing so.”

She says the most obvious way to save money is by adapting your plans to be budget-friendly, or better still, free. “There are plenty of activities out there that don’t cost a dime, like going for a nice walk or taking part in community-led events that are open to the public.

“Another way to save money is to spread the costs among a group,” suggests Outten. “Sometimes, inviting a few extra friends can make it cheaper for everyone and open up opportunities for more cost-effective group tickets and offers.”

You can also reduce the price of your day out by utilising deals, special offers, and discounts. “MyVoucherCodes, for example, has an entire category of discounts aimed at days out, ranging from experience days and tours to theme parks, exhibitions, and more,” highlights Outten.

“It’s always worth checking beforehand, and you might even find some inspiration if you’re still stuck for ideas.”

Holidays and travel

Knight says: “Carefully consider additional costs such as airport transfers and take time to compare travel insurance quotes.

“Sometimes a flight might sound like a great deal, but don’t rush to book until you have budgeted for all the aspects of your trip.”

It’s important to do your homework before committing to a holiday (Alamy/PA)

It’s in the airlines’ interests to encourage you to book your journey right now, notes Knight, but a hasty down payment might not be the right thing for your finances.

“I recommend you compare the cost of a staycation and carefully consider what else the price of flights could pay for.

“If you’re determined to go abroad, flying at an off-peak time can save money on your journey – early weekday morning tickets are often cheaper.

“You can also cut down costs by using loyalty schemes offered by hotel chains or frequent flyer programmes. Some credit cards award you airline loyalty points,” she adds. “So if your trip is still a few months away, you may have time to earn yourself a discount.”

Home and utilities

To be more energy-efficient while using your existing home appliances, Natasha Sweet, product specialist at AEG says to ensure your washing machine cleans clothes efficiently. “You must be able to fit the palm of your hand vertically on top of your clothes, never overloading.”

Menu planning can be a win-win with winter-warming menus (Alamy/PA)

If you have an induction hob, she says to always match the pot size to the burner. “Using a small pot on a larger ring wastes energy and risks overspill, potentially leading you to waste energy.”

To utilise the power of your oven, Sweet says to batch cook your favourite winter meals. “Batch cooking meals in an energy-efficient oven means you save time and energy using the oven multiple times.”

Furthermore, she says storing similar food products together in the fridge for easy access, and knowing exactly where your food is will save energy – and lead to a consistent temperature.

“Never overcrowd the refrigerator, leaving space between the product and fridge walls means airflow can be regulated and circulated for efficient cooling.”

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(Envato Elements)

Women often face financial “penalties” throughout their lives – and for many – the cost-of-living crisis has only added to the strain.

Four in 10 (40%) women say their financial situation has deteriorated during the living costs squeeze, as do 30% of men, a report from M&G Wealth has revealed.

Starting a family can have long-lasting repercussions for women’s finances – and the level of support given by employers can make all the difference.

When women return to work from parental leave, there can be impacts on career progression, says Kirsty Anderson, a pensions specialist at M&G Wealth.

“If women don’t receive the right levels of support on their return to work, it can often result in a lack of confidence in applying for career progression or challenging our pay level,” she cautions.

Gaps in women’s savings can be difficult to make up (Alamy/PA)

A salary dip, combined with expensive childcare costs, can create gaps in savings that can be very hard to make up.

M&G’s Family Wealth Unlocked report found women are twice as likely as men not to save into investments at all.

Asked about the obstacles to women investing their cash, Anderson says that, having discussed it with female friends, other priorities, “which are generally to do with children and household-related activities”, can get in the way. It’s also hard sometimes to know where to find information.

She continues: “I do, however, also see that this is changing.  From both research and speaking to other women my own age (mid 40s), more women are feeling empowered to research their options, find out more about how different types of investment work and make their own choices.

“At the end of the day, we’ve worked hard for our money and want to see it work for us.”

She suggests, firstly, if you have an employer, finding out about their pension scheme.

Find out about your employer’s pension scheme (Gareth Fuller/PA)

“Many of us will be automatically enrolled into a pension scheme – which is a great start – but is often not enough,” she says.

“Many employers will help us to save more, through matching any contributions we make up to a certain level.

“One thing to watch out for is that when we’re automatically enrolled into a pension, we’re usually placed in what is referred to as a ‘default investment option’ which often won’t tie up with our views or attitudes to investing, so it’s worth looking at all of the support available from your company pension and making an investment selection that’s right for you.

“It’s also a good idea to save into different types of investment – if you can afford it.”

Remember too that the value of investments can go down as well as up, and some may carry more risks than others.

Anderson suggests looking into how tax allowances can help you maximise your savings and income (PA Archive)

Anderson also highlights how the tax advantages of both pension and ISA saving can be used to get an income boost.

“We all have various tax allowances and exemptions so it’s worth looking into how we can use them to maximise our savings and income over time.

“I would always suggest that anyone looking to invest speaks to a financial adviser to ensure they get a personalised solution that suits their own needs.”

And in a strong wage-growth environment, it could also be time to ask for a pay rise.

“Preparation for meetings regarding pay rises can really help, so for example, keeping a record of accomplishments and tasks achieved can really help demonstrate a person’s value,” says Anderson.

“Employers should also be able to answer confidently any question relating to pay transparency between men and women at a firm.

“At the end of the day, we’ve worked hard for our money and want to see it work for us” - Kirsty Anderson, M&G

“But it often isn’t just about salaries. It may be that flexibility around working hours and work patterns, compressed hours, job share, location, et cetera, can all be highly prized when trying to work around our personal lives.

“Women’s confidence also plays a part here. There are so many anecdotal stories of women who are affected by ‘imposter syndrome’ and therefore undervalue their worth.

“Similarly we hear all the time that a higher pay rise often comes down to the person having the confidence to ask for it.

“Again, speaking to my female friends who are juggling working with parenting, it’s about getting a balance that’s right for their family.

“If they feel valued by their employer and are allowed that flexibility, it’s very likely their output will be higher and they’ll also feel empowered to have an honest discussion about their pay and benefits.”

Having discussions about household finances is vital (Alamy/PA)

Discussions at home about finances – including pension wealth – are also vital.

Recent research by Scottish Widows indicates at least six in 10 (60%) divorced women didn’t discuss pension assets during divorce, often because they weren’t aware they should.

“A pension, alongside the family home, is often the biggest asset a couple may own,” Anderson points out.

She also highlights the importance of discussing tax allowances as a couple.

“If everything is in one person’s name, it’s likely you’ll pay more tax as a couple,” she warns.

Some couples may benefit from the Marriage Allowance – which enables one person in a couple to transfer some of their tax allowance to their spouse or civil partner.

There are some other things women may be able to do right now to improve their finances.

Anderson suggests checking for any gaps in national insurance (NI) contributions, which could count towards the state pension, and seeing if it’s worth filling them. People could pay voluntary contributions, or some may be eligible for NI credits. Visit the Government’s State Pension page for more information.

Planning how you’ll pay off any debt and saving on a regular basis are also good habits – and cancelling little-used subscriptions could help.

To make sure you’re getting the right help paying for childcare, visit Childcare Choices.

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It’s never too early to introduce money skills to children – but how should we be talking to young girls about finances?

After all, the gender pay gap is no myth. Among full-time employees, the median hourly pay was 8.3% less for women than men in April 2022, according to the Office of National Statistics (ONS).

It impacts pension saving too: a report published by the Institute for Fiscal Studies (IFS) earlier this year found that across all working-age people, women had average total annual pension contributions of £2,600, compared with £3,400 for men. Women are also less likely to invest. In a survey of 6000 UK adults in 2022, Boring Money estimated that only 40% of investors are women.

Alexandra Loydon, director of partner engagement and consultancy at wealth management company St. James’s Place, points out that the “financial services industry has traditionally not targeted women”, adding that there is “an opportunity for the industry” to change this.

(Alamy/PA)

There are also lots of systemic factors that form an important part of the picture, especially in terms of equal opportunities, pay and maternity/paternity leave. Alongside this though, how can parents and guardians help by talking to young girls about money?

“We should be encouraging women to engage with their finances from a young age, and save more when they can and if they can. We should ensure that women take advice, put a plan in place, set goals and don’t touch their long-term savings to help build their wealth over time,” says Loydon.

Zoe Brett, financial planner at EQ Investors, agrees that “financial literacy needs to start at school age”. Here are three key things to think about when talking to young girls about money…

Encourage them to negotiate

“We should be instilling and encouraging women to not be afraid to ask for pay rises and promotions. Statistically, women are more likely to not go for jobs if they do not meet all the requirements [compared with men],” says Loydon.

So, how can you model this early? “If rewarding good report card or exam results, ask them to tell you how much or what that achievement is worth and why,” suggests Brett. “Or if paying pocket money, then ensure they are earning it with chores and do a pay review each year, where you ask them to make a case for a raise in pocket money.”

Teach them basic money language

Introducing them to money management concepts can be incorporated into family life. “We often see children’s chores as mowing the lawn or doing household duties, but how about implementing something more financially orientated, like helping with a weekly shopping budget?” suggests Brett.

Done in a positive, age-appropriate way, this could help them become familiar and confident with some basic money language.

“Being open and discussing finances during family dinners can also be helpful – children are naturally inquisitive and will likely ask questions or at least passively soak up information,” Brett adds. “For something more structured, there are online courses aimed at teens that teach money basics, or even just following a decent financial influencer on social media can be a great way to teach.”

Encourage saving for things they want

(Alamy/PA)

Saving is an important life skill and instilling this early can empower children with a sense of independence around personal finances and earning power.

“If I wanted something, my mum would tell me to save up half the cost of it, and she would pay the other half. It taught me to only spend my money on things I truly wanted. If I wasted my money on sweets, then I simply couldn’t have that new toy I wanted,” Brett recalls of her own childhood.

“I didn’t realise it at the time, but every time I put money into my savings account, my mum would double it. This lovingly sneaky little trick gave me an early lesson in compounding and made me want to save more, because I could see my savings growing, it was a real sense of achievement.”

Of course, not all households will be able to do this, especially when living costs are stretched. But teaching girls how to save, however possible, is so useful.

If you are in a position to do so, Brett suggests: “Open a savings account early on and give them autonomy for that account, with a little guidance along the way. Encourage them to put 25% of their pocket money, earnings, or birthday money into the savings account… Encourage is the optimal word here, enforcing it could lead to resentment and rebellion,” she adds.

Women are being short-changed as much of their work is unpaid and not counted in official measures of economic activity, Oxfam said (Alamy/PA)

Almost two-thirds of women’s working hours each week are unpaid and “ignored” by official statistics measuring economic activity, leaving them short-changed and pushed deeper into poverty, according to Oxfam.

The charity said not taking account of unpaid care for a child or sick adults, or domestic work such as cooking and cleaning – much of which is carried out by women – means these activities are invisible in the formal economy and not valued properly.

It has added its voice to calls to move “beyond GDP (gross domestic product)” – the main measure of a country’s economic growth based on the value of goods and services produced during a given period.

Oxfam said GDP is “anti-feminist and colonial because it sustains a framework of value creation and productivity that only counts what can be monetised”.

It added: “Market relations are given precedence over family and social relations, individualism over solidarity and interdependence, rational choice over wellbeing.

“Women are rendered to the ‘private’ sphere and their work is invisible. At the same time, GDP has helped erase indigenous and alternative conceptions of what can and should be valued.”

It said GDP has “become the yardstick against which all economic progress is measured” and that its “limited focus reflects the narrow-minded, Eurocentric and outdated framing that shaped its creation”.

The charity added: “It is high time for a reboot that reflects the reality and the needs of society today.”

The charity said its analysis using International Labour Organisation data suggested that of the total number of hours worked weekly around the world by men and women, 45% are in unpaid care work and those contributions are excluded from GDP calculations.

It said 65% of women’s weekly working hours globally are unpaid and do not contribute towards GDP.

The Office for National Statistics (ONS) – which collects, analyses and publishes statistics about the UK’s economy, society and population – has already said it is “working on radical plans to go ‘beyond GDP’”, including “new and innovative metrics reflecting the impact of economic change on people and the environment”.

A report last year by the Centre for Progressive Policy think tank found women in the UK are providing more than twice as much unpaid childcare per year as men – 23.2 billion hours compared with 9.7 billion hours – as well as spending more time caring for adults than men.

Anam Parvez, Oxfam head of research report author, said “Women are being short-changed the world over, pushed deeper into time and income poverty. To add insult to injury, the majority of their work is ignored by official statistics. Unpaid care is a hidden subsidy to the global economy; without it the system would collapse.

“Governments’ fixation on GDP leads to policies that are directly harming women, for example, cuts to vital public services. Those who experience intersecting inequalities, such as racial discrimination, are particularly impacted. Women are expected to act as shock absorbers, cushioning the impact of austerity and other harmful policies through their unpaid labour.”

She said Government policies and budgets “should be guided by a set of metrics that look at the whole picture, including closing the divide between the richest and the rest, instead of relentlessly pursuing growth for its own sake”.

The UK Government said traditional economic measures, such as GDP, remain some of the most useful indicators of economic performance but also recognised there are limitations and said it should not be seen as an all-encompassing measure of welfare.

It said it has provided the ONS with an additional £25 million to help improve UK economic statistics – including through the Beyond GDP initiative.

A Government spokesperson said: “One of the Prime Minister’s five priorities is to grow the economy, this is the best way to deliver prosperity, better-paying jobs and increase productivity.

“We have a progressive tax system in which top 5% of earners are projected to pay half of all income tax this year and we have taken millions of lower earners out of paying tax altogether by consistently raising income tax and national insurance allowances.

“This has allowed us to provide the equivalent to £3,300 in support per household on average over the last two years.”

An ONS spokesperson said that while GDP is a good measure of changes in the size of the economy, “it does not record the impact of growth on the environment or people and nor does it include the many hours of unpaid work”.

They added: “That’s why we have recently published new estimates of inclusive growth, which does include unpaid work undertaken at home. We plan to develop these figures further in coming months to show the impact of growth on the environment.”