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The Gender Pay Gap: How Can Women Boost Their Income?

By February 29, 2024March 14th, 2024No Comments

While progress has been made on tackling the gender pay gap in recent years, it remains frustratingly slow.

The gender pay gap overall fell from 17.4 per cent in 2019 to 14.4 per cent in 2022.

But it has barely changed since, falling by just 0.1 per cent in 2023*.

At the same time, the gap among full-time employees increased to 7.7%, up from 7.6% in 2022. 

The outcome of this is that, sadly, many women remain at a huge financial disadvantage – and will do so for many years to come.

So how can women improve their financial situation in the here and now?

Contribute as much as you can to your workplace pension

If you can afford to pay more than the bare minimum into your workplace pension, your employer must

match your contribution – which means you’re effectively getting free money and more of it.

Save more when you’re in a full-time job

Women are more likely than men to have career interruptions to take on caregiving responsibilities,

such as raising a child. It’s therefore really important to save as much as you can realistically                                                                      afford during periods when you’re in full-time work.

Explore flexible working arrangements

If you can be flexible with regards to when and where you work, you might be able to

continue in your current job or chosen profession, while still balancing outside                                                                                    responsibilities such as childcare.

Share caregiving responsibilities

Women aren’t obliged or required to take on the bulk of caregiving duties and miss out on earning opportunities.

Partners and other family members may be willing and able to assist, so women can continue pursuing their career.

Start your own business

Monetising a hobby can be a great way to earn some additional income. Although starting a business

can be risky and time-consuming, entrepreneurship can give women much more autonomy and control over                                    what they earn, without having to negotiate for a salary comparable to their male colleagues.

Improve your financial literacy

Seek advice on issues such as budgeting, saving and investing so you can make sure your money is

working as hard as possible for you.

Set clear financial goals

If you have clear objectives in mind, you can create a comprehensive financial plan designed to help you

work towards them.

Invest in education and professional development

Updating your skills, gaining professional certifications and gaining new academic qualifications could

put you in line for higher paid jobs.

Build professional networks

Attend networking events, industry conferences and engage with peers online so you can connect with

like-minded professionals and find out about earning opportunities that might suit you.

Take charge of your retirement planning with the Creative Pension Trust Member Portal.

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