Risks in Life in Financial Life Journeys & Who can act in 6 Moments That Matter
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Moments
Growing Up, Studying & Re-Qualifying
Entering & Re- Entering the Workplace
Relationships: Making Up & Breaking Up
Parenthood & Becoming a Carer
Later Life, Planning & Entering Retirement
Ill-Health, Infirmity & Dying
Perils
Financial Capability Imperative
Pay Gap
Shared Living & Cohabitation Pitfall
Parenthood & Caring Penalty
Flexible Working Sacrifice
Wellness Threat
Divorce & Separation Setback
Abuse Danger
Pension Deficit
Financial Wellbeing
Longevity Trap
Graduation Gap
Skills & Qualification Gap
16% of females have had a career in technology suggested to them (33% of males).
Mothers and fathers can help by encouraging daughters and sons to pursue STEM and careers in technology.
There is a 13% attainment gap between BAME and White university students achieving a 1st or 2:1 degree.
Universities can consider role models, learning approaches, course content, and pastoral care to support BAME students to reach potential.
65% of managers, directors and senior officials are men.
Employers can develop recruitment, development and progression strategies to level up gendered jobs and roles across the workforce.
25% of 30-34 year olds cohabit - 46% of people do not realise the lack of financial rights on separation.
Couples can find out about the financial implications of relationship types when moving in with a partner and set up finances accordingly.
There is a 2% take up of Shared Parental Leave by eligible couples.
National policy and employer strategies to level up maternity and paternity pay policies to afford equal opportunities, and to provide encouragement for fathers to share parental leave.
61% of mothers opt to work part-time earning 30% less per hour, causing the gender pay gap to double (to 15%).
Adopt inclusive flexible working and progression policies and practices in the workplace for parents and carers.
3% of all women in the UK report they have a joint savings account, but their partner stops them from accessing it.
Regulators can consider joint accounts as part of vulnerable customers insight work with the industry.
Half of people do not know to update their pension when a relationship breaks down.
Pension providers can provide guidance prompts for customers to remind them to update expressions of wishes as their relationships change.
Less than 40% of life insurance policyholders have a joint policy yet couples account for 66% of the customer base.
Life insurance customer journeys can prompt couples to review income and wider costs (such as childcare) to consider scope of policy coverage.
Married men’s average pension pots are five times married women’s – yet only 14% of divorces result in pension sharing orders.
Government can consider making pension sharing the default in divorce and ensure the divorce process engages both parties in pensions discussions.
89% of over-65s do not have plans to meet care costs. 51% of people see the State Pension as the most likely source of funding.
Employers, pension providers and guidance bodies can prompt people to factor care costs into retirement planning aligned to relationship status, mindful women tend to outlive partners and have higher costs.
69% of pension annuities are single life and will not be available to dependent partners upon the annuitant’s death.
Pensions guidance can prompt customers to consider their relationships and later life needs for both parties when planning pensions.