Women less likely to prepare for the budget

We’re less than a week from the new chancellor’s autumn budget on 30 October. Many of us use this time to look at our own money and get ready for any possible changes.  

But research shows that when it comes to preparing for the expected announcements, men are taking the lead. 

Financial anxiety hits women harder 

According to data from Skipton Building Society, 77% of women feel anxious or worried about what the new chancellor, Rachel Reeves, might announce, compared to 62% of men.  

But despite the worries, more than half (53%) of women haven’t taken steps to get their money in order, such as moving savings to a higher interest account, or adding to pension pots.   

Helen McGinty, head of financial advice distribution at Skipton Building Society, says that while much of the news about the budget is just rumour, it's the perfect chance for everyone – especially women – to look at their own money and budgets.  

Gender pension gap 

She spoke about the gender pension gap, which is a top concern for many women.  

On average, women have £43,116 saved for retirement, compared to men’s £63,222 - a whopping 46% difference.  

The gap is often a result of the sacrifices many women – particularly mothers – make for their families. 

McGinty is encouraging everyone to take control of their finances at any age. Increasing pension contributions, even in small amounts, can make all the difference.   

 "After a life spent working hard, contributing to the system and raising children, everyone deserves the right to a comfortable retirement,” she said.  

What are people’s worries about the budget?  

The government has warned that the budget will be ‘painful.’ So, it’s perhaps no surprise that so many people are anxious about what the chancellor will announce.  

Less than one in five people are hopeful that next week’s budget will have a positive impact on their money, the data shows. Almost half believe that their finances will be negatively affected.  

An increase in the state pension age is another top worry for many. Others are concerned that the triple lock on the state pension will be scrapped.  

You can always take advantage of our free budget planner to see how your finances shape up and where savings could be made.