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Research reveals the majority of women can't afford to save for retirement
Research has revealed that the number of women saving enough for their retirement has reached a seven year high. The Scottish Widows Women and Pensions Report 2011 has found that 50% of women are now saving adequately for their retirement, up from 43% in 2010. It’s not all good news though as the research also shows that more women are saving nothing at all towards their retirement, 23% compared with 17% of men. Furthermore, 71% of women say they can't afford to save long term compared to 60% of men.
The report found that when women do save, they tend to save a higher percentage of their income than men. However, the gender pay gap means that women’s earnings are lower which in turn means that the average monetary amount saved by a woman is significantly less than that of a man.
There are now more than a million women unemployed in the UK, the highest level since 1992. At the same time, there are fewer jobs, notably in the public sector, which is currently translating national spending cuts into local budget reductions. Public sector employers are more likely than the private sector to offer flexible working opportunities which enable women to combine work with caring responsibilities. Consequently, more women may be forced into looking for part-time work which is typically low-paid and low-skill.
Further attacks on women’s incomes come in the form of rising childcare costs, a cut in childcare subsidies, and fewer childcare places. In Scotland, the average annual cost for 25 hours of nursery care per week for a child under two is £5,178. The cost of a childminder for a child aged two and over in Scotland increased by 8.3 per cent almost four times as much as the average wage.
Given the impact that such changes have on women's incomes, it’s little wonder then that the majority of women can't afford to save long term.
High cost of childcare forces women back in the home
Government pushes ahead with plans to raise state pension age for women
High cost of childcare forces women back in the home
The latest government statistics have revealed that an increasing number of women are being forced to give up their jobs because of the high cost of childcare. The number of women who have given up paid employment to stay at home and look after their children has risen by 32,000 in the past year. The average cost of full-time childcare is £385 a month but this rises to £729 for children under the age of two.
Women are already penalised when they take time out of the labour market to have children. A lack of flexible working and a dearth of quality part-time jobs mean that, after they have children, women are very often forced to work in jobs that are well below their skill levels. Even when both parents are in full-time employment, women are still usually considered to be the main caregiver. When the cost of childcare becomes prohibitively expensive, it is, therefore, unsurprising that it is the woman who has to give up her job to take care of the children.*
With the increasing cost of childcare and the impact of this on parents, it seems that greater public investment in childcare is desperately needed. Increased provison of childcare, free at the point of use, would go some way towards rebalancing the inequality women face when trying to combine a career with parenthood.
*This refers to mixed sex relationships. There is little evidence about the dynamic of childcare in same sex relationships.
Close the Gap newsround (7)
Missed our tweets or Facebook updates? Catch up with the latest events, news, consultations and research.
EVENTS
Wednesday 8th June, Engender Office, 5.30 – 7pm
Is it time for Quotas?
After this month’s Scottish Parliamentary elections, we now have 45 women MSP’s out of 129, that’s 34.8%. Though the number is up from 43 (33.3%), after the 2007 election, the trend behind the numbers – with more women being elected from regional lists than constituency votes for the first time – points to a gradual decline.
Roadshows to engage with women across Scotland. Various dates and places throughout June.
NEWS
Gender equality-it's just good economic sense
The Corporate Gender Gap Report: how is the UK performing?
Schools failing to help girls escape career stereotypes, says Ofsted
Female engineer heads up Engineering Council
It's true – there are too few women presenting science on TV
Women at the Top: employers urged to create a robust 'pipeline' for women's progression
In Switzerland women earn 41% less than men
The cost of failing to address equal pay in local governement
Christine Largarde, French Finance Minister announces candidacy for top post at IMF
Michelle Bachelet in address to UK Parliament says gender eqaulity means improved GNP
In Australia women would need to work an extra 63 days to close the pay gap
Concern over the impact of the UK Government's policies on women
Ireland proposing to remove funding from parties unless gender quota is reached
Quotas and women-only shortlists aren't popular, but they work
CONSULTATIONS
UK Government, deadline 10 June: Women's Engagement: Strengthening women's voices in Government.
European Commission, deadline 15 June: Public consultation on the future funding activities in the area of Justice, Fundamental Rights and Equalities
RESEARCH
Research conducted with German companies on felxible working times reveals the tensions between imposed flexible time, employee autonomy and productivity. Full research reference:
Kattenbach R., Demerouti E., & Nachreiner F., (2010) 'Flexible working times: effects on employees' exhaustion, work-nonwork conflict and job performance', Career Development International, Vol.15, No. 3, pp 279-295.
Opportunity Now Benchmarking Trend Analysis 2010-2011
Close the Gap weekly (6)
This week there are a couple of events to highlight for May, including a conference about the challenges of promoting equality during hard economic times and details of the WiSE Conference.
EVENTS
20th May 2011
Promoting Equality During Austerity
MacKay-Hannah Conference. Keynote speaker is Alison Pritchard, Head of Strategy GEO. Other speakers include, Professor Ailsa McKay, Vice-Dean of CBS and Professor of Economics, Glasgow Caledonian University.
24-25 May 2011
WiSE Conference: Counting on Women- Gender, Care and Economics
Speakers: Professor Marilyn Waring, globally renowned feminist economist and Professor Martha Fineman, internationally renowned law and society scholar.
6 May 2011
The London Mathematical Society is organising this all day event.
19 May 2011
The Society of Petroleum Engineers and Women in Mining are hosting an event for women interested in working in the energy Sector. Taking place in London.
NEWS
José Zapatero's feminista agenda
When the suffragettes were out for the count
What's at stake in the Walmart women's lawsuit
Skills warning over energy sector
The World Bank's approach to gender mainstreaming
Tax and welfare changes will hit women and children hardest, says Ed Balls
Has feminism blocked social mobility for men?
It's nonsense for David Willetts to say that women have stolen men's careers
Female graduates earn 20% less than men
EU Skills makes gender equality commitment
Equality laws under attack by private sector interests
Pension chnages 'will help women and poor'.
RESEARCH
From Opportunity Now: What holds women back? Women and men's perceptions of the barriers to women's progression
RSS