Important information - the value of investments and the income from them, can go down as well as up, so you may get back less than you invest.

Whether you’re early, peri, during or post menopause, recent research shows that it’s not just the physical and mental effects of the menopause that we women have to deal with. The menopause has the potential to hit us in the pocket too.

On a personal level, I consider myself lucky. Beyond the fact that I only need look at chocolate to pile on the pounds and I occasionally get a little bit of brain fog (which is bizarrely verbal, I never struggle to get words down on a page - thank goodness), touch wood I’m relatively free of menopausal symptoms.

Equally, on a professional level, I feel supported and able to talk about the menopause at work. But I know from talking to friends and family that this isn’t the case for everyone.

Close to a million women’s pensions are worse off in the UK due to the menopause

According to a survey conducted by Newson Health1, 59% of women take time off work due to menopause and nearly one in five women (18%) permanently reduce their hours. Reasons for taking time off included reduced efficiency (45%), poor quality of work (26%) and poor concentration (7%).

This time off has a direct impact on their pension pots. The research showed that a woman who simply reduced their hours until retirement could face a reduction of £32,059 in savings.

And when you consider that some 900,0002 have to stop work altogether because of menopausal symptoms – the effect this could have on their financial future is hugely damaging.

All this comes at a time when many women are at the peak of their careers - with one in five (21%) passed on the chance to go for promotion they would have otherwise considered.

The impact of being able to save effectively during this stage of life is real.

Hope for the best, prepare for the worst

Of course, there are no givens when it comes to the menopause. You may be completely unaffected. Or you may not. But where’s the harm in preparing for the worst and hoping for best? This way, no matter what the future holds, you’ll at least be able to face it with more confidence - from a financial perspective at least.

Little changes make a big difference

Start by putting away an extra 1% into your pension. It really can make a big difference over time.

And make sure you max out on any company pension contributions that are on offer - after a while you probably won’t even notice the money coming out as it’s taken at source.

If you get a pay rise or bonus, you may also want to think about adding this to your pension pot - even contributing some of it will help in the long run.

And think about combining your pensions if you’ve collected a few in your working career. Bringing them together could make them easier to manage and it could work out cheaper for you, if our service fees are less than you’re currently paying. Learn more about transferring your pension here.

Taking control of your finances really can help you feel better about the future. And small sacrifices now will almost certainly benefit your future self.

More on saving in a pension

Source:

1,2 Newson Health Survey - October 2023

Important information - investors should note that the views expressed may no longer be current and may have already been acted upon. Tax treatment depends on individual circumstances and all tax rules may change in the future. Withdrawals from a pension product will not be possible until you reach age 55 (57 from 2028). It’s important to understand that pension transfers are a complex area and may not be suitable for everyone. Before going ahead with a pension transfer, we strongly recommend that you undertake a full comparison of the benefits, charges and features offered. To find out what else you should consider before transferring, please read our transfer factsheet. If you are in any doubt whether or not a pension transfer is suitable for your circumstances we strongly recommend that you seek advice from one of Fidelity’s advisers or an authorised financial adviser of your choice. This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice.

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