Survey results: Gender & Financial Wellbeing 2022

Older woman works at home on laptop

 

This survey was sponsored by the Financial Services Compensation Scheme

1,356 people responded to our survey on how gender affects financial wellbeing.

34% were 61 and above, 17% were 56 – 60, 17% were 50 – 55 and 26% were 45-49.

99% were female.

56.56% were currently employed, 8.63% currently self-employed (with 3.54% being both employed and self employed). 17.11% were not currently working, but were job-seeking and 14.16% were not currently working but also not looking for a job.

69.82% have taken a career break at some point. The reasons for taking a career break were mainly for caring responsibilities (childcare – 78.67%, elder care – 13.44%, other care 6.46% with 16.21% saying they took a career break for other reasons).

Bar chart showing reasons why people took a career break

Impact on career and working patterns

When asked if they had taken a lower paid job in their career in order to achieve flexibility, the majority said yes (72.79%). 82.67% had worked part time at some point in their working life, with 52.65% of these having worked part time for more than 5 years (27.43% having worked part time for more than 10 years).

54.77% are working part time currently.

62.78% said their career progression has been affected as a result of their caring responsibilities.

Pensions

33.97% have reduced their pension payments as a result of working part time/reduced hours. 14.42% have reduced their pension payments as a result of taking a career break. 23.01% have reduced their pension payments for both of these reasons.

36.98% have stopped their pensions payments as a result of a career break, with 9.34% having stopped their pension payments due to reducing working hours, and 17.53% having stopped pension payments for both these reasons.

The majority of people surveyed (57.79%) stated that they didn’t really understand their pension savings – for example, how to combine / transfer pensions; investment options; deferring your pension or taking it early.

We asked if employers offered financial education or pension awareness sessions. 18.91% said yes, 33.36% said no, 17.83% were not aware (and the rest are not employed)

53% don’t think that their pension will allow them to be financially independent in retirement.

Pie chart showing answers to question if your pension will allow you to be financially independent.

Menopause

9.67% of respondents have had to leave a job due to the menopause.

14.48% have had to reduce their hours due to the menopause. 23.05% say that their career progression has been affected by the menopause. Only 9.6% say their employer has supported them with menopause issues.

Flexible working & other issues

34.97% said they have had to reduce hours or leave work due to other health related issues. 37.33% are able to work flexibly if they need to, but 23.49% require greater flexibility than they currently have.

Only 11.89% of respondents are aware of their employer having a published statement setting out their commitment to reducing the gender pay and gender pensions gap.

25.72% don’t think their employer is supportive of older women in the work place.

Seeking work / working into retirement

Of those who had lost their job in the last 5 years, 30.90% have found it hard to find a new job, with 49.32% thinking this is in part due to ageism.

50.26% think they will have to work beyond the official retirement age.



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