Who doesn’t want to win the lottery or a competition? Sadly, these exciting, quick wins are highly unlikely to happen due to the number of participants. So how can you improve your financial stability, conserve the capital (money) you earn and nurture its growth to progressively create a large sum of money? This article suggests actions that you can take right now and suggests organisations to facilitate learning more about finances and how to increase your wealth.
Firstly, let’s look at why this is so important for women. Gender inequality in care responsibility, career progression, and investing all adversely impact women. Though the gender pay gap has been declining gradually over the years, in April 2023 it was at 7.7%. Additionally, there is a large difference in the gender pay gap between employees aged 40 years and over and those aged under 40 years. Women are also more likely to provide unpaid care than men and are often too busy looking after everyone else to spend time investing in their financial future.
Wealth generation and financial wellbeing are strongly linked due to loss of earnings, lower earnings, and reduced financial literacy. It is therefore particularly important for women to take charge of their finances, starting at any age.
As a first step, I strongly recommend you to honestly appraise your current financial situation. Add up your monthly income and work out your monthly outgoings, including annual payments and debts or loans. Then consider any wealth accrued in savings, bonds, ISAs, pensions, funds or elsewhere. The financial responsibilities of individuals vary widely, linked to age, dependents, inheritance, and previous financial decisions. Don’t compare yourself to others or punish yourself for decisions made in the past. It is very important to see this as a starting point for the future.
Your appraisal of your current financial situation may highlight some areas where you can take instant action to reduce your outgoings. Can you cancel old direct debits? Could an old mobile phone contract be changed to a cheaper tariff? Perhaps multiple outgoings can be ‘bundled’ with associated savings? I would recommend putting both renewal dates and quotation dates for insurance policies in your calendar, as often savings can be made by requesting quotes a month or so before the renewal date.
Now review what your money is spent on and compare this to your short, medium and long-term life goals. Would you like to reduce your expenditure on something? Does your spending link to your priorities? How might you fund something for the future? Easy wins tend to be swaps, for example, cooking and entertaining at home instead of eating out or takeaways. Choosing cheaper products and avoiding impulse purchases will help too. Aim to ensure that your outgoings do not exceed your incomings and consider what monies could be ringfenced for pension contributions, savings, or reducing debt.
C+D reported a 97% spike in the number of pharmacists seeking debt support earlier this year, based on data from Pharmacist Support. Reducing debt is achievable and I recommend accessing specialist advice and support if needed, as you are very much not alone. Citizens Advice has much information and offers chat or discussion by telephone. The government webpages also have information about debt options and also signposts to the National Debtline. MoneySavingExpert has a useful page to help you understand interest rates and compounding. Pharmacist Support offer grants, student bursaries, advice (written and over the phone), and signposting.
Everyone can optimise their finances by maximising their income, savings, investments, insurance, and pensions, and there are resources to support you in achieving this, as seen in the table below:
| Resource/organisation | What do they do? | How can you access their help? |
| Broadsheet newspapers | Articles on ‘best’ options and information about financial topics | Website – you may need a subscription |
| MoneyHelper | General finances, pensions, home, work, savings, debts, benefits, family/care finances, insurance | Government Money and Pensions funded website with chat function and blog |
| Citizens Advice | Debt and money | Website, chat, phone |
| National Debtline | Debt | Phone, chat, and useful online tool |
| Government webpages | Advice on dealing with debt | Website |
| Pharmacist Support | Grants, bursaries and other financial assistance | Website information, phone or email |
| MoneySavingExpert | Money | Consumer website, email newsletter |
| Banks, TISA and agencies above | Investments and savings | Websites, face-to-face, blogs |
| Age UK | Practical advice including tracing lost money | Website, chat, phone, email |
| Agencies above and mortgage brokers | Mortgage Advice | Read about different types and approaches and see if a broker can beat rates you find |
| Government state pension forecast | Pensions – state | Web tool to check how much State Pension you could get, when you can get it and how to increase it, if you can |
| Company pension site and pension specialists | Pensions – company | Check yours and your employers’ contributions |
| Pension Wise | Appointment for over 50s to discuss state and company pension | Online, phone or face-to-face. Also, website |
| Pension specialists | Pensions – private | Phone and face-to-face appointments |
| Gov.uk and organisations above | Help in claiming benefits entitlements | Website |
| Royal Pharmaceutical Society professional development, Pharmacist Support, CPPE, Job Descriptions | Career planning to access promotion | Websites and training courses. Look to see what skills and qualifications are required in person specifications |
| Many of the agencies above | Probate and Inheritance | Websites |
By Caroline Fawcett, Senior Pharmacist and Lecturer
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