Where the City’s best and brightest get a few things off their chest. Today, Jackie Leiper, managing director at Scottish Widows, takes the Notebook pen
Closing the pensions gap
When I first dipped a toe into the world of finance at the tender age of 17, I never for one minute thought that this would be the start of a career spanning over 30 years. But here I am, decades later, still incredibly passionate about pensions and advocating for women and their finances. Juggling work and family life is a constant dance, and as a working mum (and a gran of two), I know the pressure all too well.
The gender pension gap remains a formidable challenge, despite strides towards equality. Women are still swimming against the tide in retirement savings, often hindered by factors like lower wages and disrupted careers as they still tend to be primary carers for children and other family members. Women also tend to live longer so their retirement earnings are spread more thinly.
Today, there’s a 39 per cent gap between the amount women can expect to have saved in their pension pot compared to men and this gap grows wider over the course of their working life. At 22, there’s a £100 difference in pension savings between men and women. By 65, this has grown to a shocking £100,000 difference. For the average woman to level this out, she’d have to pay almost £100 extra every month to her pension over her working life.
To effectively tackle the gender pension gap, there are two clear areas of action needed: education and policy reform.
Equipping women with knowledge about their pensions early on in their career is a must. This will play a crucial role in helping all women actively take control of their pensions and start planning for a secure financial future.
Policy changes and working closely with the government have to go hand in hand with education efforts. By addressing the systemic factors which contribute to the gap, as well as the challenges women face throughout their working lives, collectively we can make a difference.
The Juggling Act
Another factor that is overlooked is the struggle to balance work and childcare. Our research found that, on average, 37 per cent of women have had to leave the workforce entirely to cover childcare needs. This can impact a woman’s pension pot by a staggering £77,000 by the age of 30! In order to really close the pension gap, I think reforms need to enable and encourage women to stay in employment whilst raising families. Taking time off for childcare shouldn’t cause a long-term impact on their careers and pensions.
A taste of home
I enjoy spending quality time with my family and travelling. But my true passion lies in exploring new culinary experiences… specifically a seafood extravaganza – lobster, crab, prawns, the whole lot! New restaurants are always a draw, but when a seafood craving hits, there’s one place I can’t resist – the Croft and Creel in my home town of Falkirk. It’s a family run restaurant and it’s a must-try for any fellow seafood enthusiasts in the area.
Quote of the Week
“It’s love that gets us through.”
I saw this one following the announcement from the Princess of Wales about her cancer diagnosis. Your family and friends are your absolute rock, spend the time with them and remember they will always be your rock, long after work has finished!
Learning from role models
This International Women’s Day I was presenting at two events and decided to bring my recently graduated 23-year-old daughter along with me. It was incredibly impactful to see her witness women openly share their vulnerabilities, successes and failures. It’s a reminder of the importance of role models and how much we can all learn from one another’s journeys.
A recommendation
Outside of work, you can often find me curled up with a good book. Autobiographies hold a special place on my shelf – they offer a glimpse into another person’s journey, their struggles and triumphs.
Take Frank McCourt’s ‘Angela’s Ashes’, for example. McCourt’s raw and honest account of his impoverished childhood in Limerick, gives the story of resilience in the face of hardship, a theme that – dare I say – mirrors the challenges many women face in navigating their careers and financial security.
Unlike my love for autobiographies, my favourite movie leans towards the lighter side. Macaulay Culkin’s Home Alone at Christmas is a must-watch in the Leiper household every year. It’s a tradition – Christmas Eve wouldn’t be complete without a bottle of bubbly, cosy PJs and Kevin McCallister outsmarting burglars. It’s a light-hearted escape that reminds me of the importance of family and laughter.