International Women’s Day is a global celebration held annually on the 8th of March to recognise the achievements of women in social, economic, cultural, and political fields. This year, the theme “Accelerate Action” reminds us that while progress has been made, there is still work to do-especially when it comes to financial equality for women.
At Employee Financial Wellness, we are proud to support women’s financial wellness in the workplace, ensuring they feel more confident and in control of their finances. We know that financial wellbeing isn’t just about how much money you have-it’s about having the knowledge and skills to equip women with the right tools to plan for the future they deserve.
The Gender Pay Gap
While the gender pay gap has improved in Ireland, women still earn less than men on average. According to the CSO (2023), the mean annual salary among males (€47,187) were 20.9% higher compared to females (€39,039). This pay gap often widens in women’s 30s and 40s, when career breaks for childcare and family responsibilities lead to more part-time work and fewer opportunities for career progression.The consequence here is if you earn less then you have less ability to save and prepare for your future.
Life Stage Financial Stress
Additionally, many women experience financial stress due to life stages such as menopause. The physical and emotional demands of menopause can lead to increased healthcare costs and potential work disruptions. This can make it harder for women to stay financially stable, especially when they earn less than men and have fewer chances to grow in their careers.
Gender Pension Gap
According to the ESRI there is also a gender pension gap in Ireland of 35%. The average pension income per week for men being €433 and for women being €280. This gender gap was driven primarily by the difference in % who received a private/occupational pension- 55% of men compared to 28% of women.
These figures in the context of longer retirement are cause for concern. The average Irish life expectancy in 2031 for men is 83 and for women is 86 years of age with the number of people aged 65+ expected to double between 2021 and 2051. Auto-Enrolment is due to be introduced in 2025 as Ireland is currently the only country in the OECD without auto-enrolment. What impact this will have on the pension gap will make for interesting monitoring in the coming years.
How We Help Women Take Control of Their Finances
We are committed to empowering women through improved financial education and as a result greater financial literacy. Our workplace financial education programmes help through:
- Group Education Seminars & Webinars: We provide a wide range of financial topics to help support women throughout their financial journey with us. These topics include pension planning, gender pay gaps, saving and investing and financial planning.
- 1:1 Financial Guidance: Our expert financial coaches offer personalised support, helping women overcome any challenges they may have with their finances and signposting them to take the right actions to overcome these challenges and connect their income and savings to the lives they want to live.
At Employee Financial Wellness, we are committed to being part of this change. If you’d like to learn more about how we are supporting women’s financial wellbeing in the workplace, please get in touch today. Together, we can accelerate action and create a future where financial equality is a reality for all women.
Sources:
Central Statistics Office, Earning Analysis using Administrative Data Sources 2023
Central Statistics Office, Projection Figures 2024
