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 you feel more confident and in control of your 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 you with the right tools to plan for the future that you deserve.
Understanding 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 for men was €60,816, compared to €46,915 for women. 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.
Financial Stress at Different Life Stages
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 Can Help You Take Control of Your Finances
At Employee Financial Wellness, we are here to empower you with the knowledge and support you need to make informed financial decisions. Here’s how we can help:
- Group Education Seminars & Webinars: We offer sessions tailored to women’s financial wellness, covering topics like the gender pay gap, investing, and financial planning. You can book these sessions through your dedicated portal page or watch the recordings at your convenience.
- 1:1 Financial Guidance: Our expert financial coaches provide personalized support, helping you navigate financial challenges and make the best choices for your future.
As a valued member of our Employee Financial Wellbeing programme, you have unlimited access to our webinars and one-to-one guidance clinics. Simply visit your dedicated portal page to register for upcoming sessions or book personalized financial support whenever you need it.
Let’s work together to accelerate financial equality and build a more secure future for women everywhere.