Our latest Bringing retirement into focus report highlights that women remain far less comfortable talking about money and are less likely to seek financial advice. Understanding that conversations influence action, we created The Ultimate Guide for Women and Pensions podcast to help demystify pensions and use relatable, entertaining storytelling to influence more women to take action for their financial future.
Now in its second season, the podcast covers important topics with a great mix of insightful and influential guests. Sonya Lennon, our Second Life mentor and host of the podcast, is joined by Richard Hogan, Mary Kennedy, Aisling Hassell and Sinead McEvoy to discuss how we can better engage with women on their financial planning journey.
A sneak peak at season two
Richard Hogan
Richard Hogan
We can actually be happier in our 40s and 50s.
It's a bit harder becuase life is so complicated, but also, you know, and then the pressures of mortgage and all that kind of stuff.
and then if you've got really good planning
and you've got yourself sorted out
and you've got a good pension, or the course
is an optimal chance for you to be really thriving in life
and develop your personality
and find things that you're passionate about.
My little seven year old tells me all the time,
"I have so many passions, Dad"
and I'm just thinking, that's what we need.
We have to stop losing that mentality as we age.
You know, it's important to always have
those passions.
Keep the inner child.
Keep that child talking to you,
going what passion do you want this year?
And then just pursue it.
Because the chances of us being here, Sonya,
400 quadrillion to the power of 150,000.
In gambling terms, we'd say zero,
but we have to say almost zero, because here we are.
This is a miracle. This is absolute magic.
And the next phase, the second life phase,
can be real, real magic if we just are a litte bit more precise, a little bit more intentional
about our friendships and our connections and a little bit more boundaried,
so we don't get roped into some...because there's pitfalls in every generation.
Aisling Hassell
Aisling Hassell
If your mind is constantly worrying and saying, "how am I going to live when I retire?
What's my second life?"
Then you need to answer those questions.
So that's why what you said earlier about sitting down with somebody doing the Second Life questionnaire, really giving some thought to that
that it doesn't take that long,
you know, but we're terrible,
I think it's taking time sometimes for things like that.
and I think we can all find a couple of hours,
you know, just to start the ball rolling
and as you said,
reach out to our trusted friends and advisors.
Get somebody who can really expertly help us on the journey and then take it from there.
Sinead McEvoy
Sinead McEvoy
As we know, retirement has changed.
It's not changing.
It has absolutely changed.
People are retiring in different ways.
People are maybe at 60, reducing their days or people are working
well into their 70s, like 70 is the new 60, 60 is...you know,
and people are living longer.
They're living decades into retirement.
So they need something.
but what you're seeing is that some people decide to retire,
but because it's as we say,
it's not just being financially prepared,
but actually they still need that sense of purpose.
So it's nearly a redirection into something else.
Redirection! That's the world, Sinead!
We were looking for a new world for retirement.
I think we finally found it.
Women and Pensions podcasts
Listen and share with your clients, family and friends.
Engaging with women on their pensions and retirement planning
As retirement specialists, we know how personal each retirement journey is. Research shows us that the desire for retirement planning among women is high. As industry leaders, we need to work on building confidence and break down the engagement barriers for women.
Here are some of the key insights highlighting the confidence gap regarding pensions and retirement between men and women.
46% of women vs 39% of men are feeling scared/anxious thinking about retirement
Only 24% of women vs 37% of men feel financially prepared for retirement
1 in 4 of women are concerned they won't be able to retire vs 36% of men
Source: Bringing retirement into focus 2024, Standard Life.
The working life of a woman is marked with milestones shaping their journey to retirement. Childbirth, child-rearing, and caring obligations can pull and push them in different directions at certain points.
Evidently, women need to start making time to begin their retirement planning. A simple step, like completing our Second Life Questionnaire can make a big difference in starting the journey.
Second Life questionnaire
The Second Life questionnaire helps people to reflect and connect to the lifestyle they truly want to build in retirement.
Our retirement calculator tool helps you think about the life you want in retirement and start making financial decisions that support your future lifestyle.
