A third of women feel somewhat or very uncomfortable with their financial situation, while as much as 85 per cent don’t feel confident enough to start investing, according to new research from AIB.
The research, which the bank conducted to mark Nollaig na mBán on Tuesday, highlights a “persistent confidence gap” among women when it comes to long-term financial planning, despite strong day-to-day money management, the bank said.
Some 37 per cent of women believe that while investing is suitable for most people, they do not yet feel confident enough to start themselves. AIB said this “hesitation” can impact long-term financial resilience over time.
“These patterns are also reflected in retirement outcomes,” it said. “AIB’s previously published Closing the Gender Pension Gap report shows that women in Ireland retire with pensions that are, on average, 31 per cent lower than men.
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“While this gap has narrowed from 37 per cent in 2018, it remains a key challenge affecting women’s financial independence and choices later in life.”
AIB head of wealth and insurance Ciara Ryan said that the bank recognises the “importance of supporting women to build confidence when it comes to financial planning”.
“By acknowledging the barriers women continue to face, such as the gender pension gap, and providing genuine support, we can help women take charge of their financial independence, and foster a culture where everyone has the tools and assurance they need to thrive.”
She outlined a number of practical actions that can help support long-term financial wellbeing.
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“Start with where you are,” she said. “Before changing anything, take a moment to get a clear picture of what you already have in place such as savings, pension, income and any benefits through work.
“Even a quick check-in can bring clarity and reassurance, and it’s often the easiest way to spot small gaps or opportunities.
“Check your pension – not to change it, just to understand it. Pensions can feel distant or complicated, but knowing what you have, and where, is a powerful first step.
“Looking at employer contributions, personal pensions or older arrangements helps you understand your future options and gives you more control over the choices ahead.”
