At Path we think that women need to talk about money
By not talking about money and by not asking the right questions about what our money is doing we are inadvertently giving up control.
By not talking about money and by not asking the right questions about what our money is doing we are inadvertently giving up control.
Divorce is a life event that can have both immediate and long-term financial impact. It ranges from short-term worries such as cashflow, your children and your home, to future concerns, such as pension provision and how to navigate later life with a single income.
We’re on a mission to start the conversation by actively talking to more women about their finances. From discussing ceding control to seeding change – we want to engage women in discussions that allow them to regain or retain financial choice, freedom, power and purpose.
Money worries can have a hugely negative impact on our emotional wellbeing. It can put a huge amount of stress on our lives, our relationships and even our physical health.
Getting legal support for yourself during a divorce is vital, but many are unaware of the importance of financial help during this period, especially with new rules they may be unfamiliar with. At a time when traditionally divorce is at its highest, it’s important that people understand the financial implications and receive the best help they can.
At Path, we’re passionate about empowering women to take control of their finances. One very important topic of discussion recently has been the gender pension gap – in the UK, there is a large disparity between the values of personal pensions for men and women.
A major trades union has exposed a massive gender gap in pension pots; the Prospect Union estimated it to be 38 percent between men and women. That’s more than double the gender pay gap – which is estimated to be 15.4 percent.
It’s the biggest shake-up in divorce law in half a century. Changes will make the divorce process simpler, and bring many benefits. However, speedier divorces could also lead to rushed financial settlements and an unfair sharing of overall wealth – in particular of pensions, ISAs and other investments.