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Advertorial post with Aviva. As a woman, I never used to think much about how my gender can have an effect on my finances. By speaking to other women I know, and reading feminist blogs like Nomipalony, I have taken control of our family finances. In the last few years I have become more aware of the ways that the gender divide can have an impact on a woman’s savings and even her pension. Aviva recently got in touch with me about #Planuary, a new campaign that is designed to get women to pledge one change to their finances in January to try to close the gap that women see in multiple areas of their finances including savings and pensions. Today I’m making a pledge and sharing with you the one change I’m making to my finances for #Planuary.
My financial pledge for #Planuary
With the average woman set to experience a shortfall of £223,000 in her earnings and £106,000 in her pension over her lifetime#, it’s time for me to make a change. For me, that change is going to be an increase in the money that I am saving. I already share with you some of my specific savings targets, such as buying a car with survey earnings, but I’m going to do more. This year I am going to increase the % of my income that I save solely for myself. I’ll be increasing this by 1%. This will make a sizeable difference to the savings I make in 2019. These savings will not be used for our upcoming house purchase. Neither will they be for pension contributions. I won’t even use them for a new car or something frivolous. These savings will be there in case I want a career change.
While I’m very comfortable in my marriage and don’t foresee any problems, I think it is very important as a woman to have a financial cushion. No woman should feel trapped in a relationship because of finances. Always keep a portion of savings solely in your own name.
How the gender divide affects your finances
I find it both fascinating, and depressing, how the gender divide affects your finances. It is a really important topic for all women to educate themselves on. I have had time off work during my pregnancy and when taking maternity leave and both of these things have affected my finances. My husband was able to continue in his job and felt no real financial impact to initially having a child.
Make a pledge this #Planuary
I hope that you will join me in making a change to your own finances this year. You can join me by sharing your pledge using #Planuary over on Twitter.
I’m going to make it easy on myself and will be moving an additional 1% of all my income into a savings account linked to my bank account. Then once per year, at least, I will review this savings account. I’ll make sure I’m getting the best rate of interest possible. Also, as always, I’ll check that my money is working hard. I may even consider investing some of this additional money I save. I’m trying to be a little less risk-averse with a percentage of my savings.
What pledge are you going to make to yourself this #Planuary?
# Source – Aviva.