Pension provider Scottish Widows has partnered with professional networking group Her Wealth Network to tackle gender inequality in financial services and boost female representation.
Together they have launched the website ‘Herwealthnetwork.co.uk’, which aims to increase the number of women in financial services by nurturing talent with practical support, including mentoring, events, podcasts, and online tools and resources.
The pension provider has been researching and highlighting the specific financial challenges women face for more than 20 years through its Women and Retirement Report. The latest report found that at the current slow rate of progress it will take at least another 20 years before women will retire with the same average pension pot as a man.
Kate Webber, founder of Her Wealth Network, said: “Scottish Widows’ work on the gender pension gap is well established. The insights they have shared over the past 20 years from their reports have been groundbreaking for the industry’s understanding of how women’s lives shape their financial futures. We look forward to working with them on more events, podcasts, mentoring with our members and helping women be successful in their chosen careers in financial services.”
Jill Henderson, pensions expert at Scottish Widows, said: “The current average gap in pension savings at retirement shows women trailing men by about £100K. There are a number of factors driving this – including the disparity in pay between men and women, and what is often called the ‘motherhood penalty’ where women have to take time out from their careers to raise children.
“The gender pensions gap is just one of many examples of why it is crucial to have greater female representation in financial services, to help ensure advice is inclusive, relevant and accessible to everyone.
“Creating communities – both in person and online – where women can come together, share ideas and take forward activities which will help more females play a leading role in financial service decision making are essential, and we’re proud to support this partnership.”
The Her Wealth Network group launched in 2018 and was originally called ‘Women in Asset Servicing’. Webber said the membership has grown by 200 percent since it was founded.
She added that in addition to Scottish Widows’ sponsorship, the group is planning a series of events in the second half of 2025 in London, Bristol and Luxembourg.
