Connecting the dots between the menopause and investing

While issues such as mental health and gender equality in the workforce have received a lot of attention in recent years, shockingly the menopause is still seen as a taboo subject.

The condition affects half of the UK population at some point in their older years, but historically it has been swept under the carpet and that has been extremely damaging for women.

One in 10 women employed during the menopause have left work due to menopause symptoms, 14% reduced their hours at work and 8% decided against applying for promotion. These statistics attest to the detrimental impact that the menopause can have on women and why it is important to understand your current financial position and to have a plan – not just for you, but, in many cases, also for your family. 

While the menopause typically occurs between the ages of 45 and 55, some women can experience symptoms earlier, even before the age of 40, which can be debilitating and impact everyday activities. Symptoms often go beyond the typical ‘hot flushes’ to joint pain, heart palpitations, brain fog, anxiety, and difficulty concentrating.

One in two women in Great Britain aged 45-65 years go through menopause without consulting a medical professional, according to a survey conducted by IPSOS Mori for the British Menopause Society[1]. The study also found the menopause had a negative impact on the home lives of 50% of women.

On a positive note, we have seen increased media attention on the menopause with celebrities such as Carol Vorderman and Davina McCall highlighting the struggles they have faced.

In July 2022, the UK government’s response to its paper on Menopause and the Workplace said that without appropriate care, symptoms can have severe impacts on women’s physical and mental health, workplace participation and personal relationships[2].

One in 10 women have left work due to menopause symptoms, equivalent to 330,000 women, according to the Menopause the Workplace report by the Fawcett Society and Channel 4. More than two in five women’s work had been affected, with 14% reducing their hours and 8% not going for a promotion.

Shockingly, this same survey showed 41% of women said the menopause or menopause symptoms had been treated as a joke by colleagues.

It is not a surprise, therefore, that the Online Menopause Centre’s Annual Menopause Report found just 14% of the women discussed their menopause or perimenopause symptoms with their employer, with almost 30% believing their employer could not help.

There is also stigma around hormone replacement therapy (HRT) because it seems to be either too difficult to talk about or listen to. There is concern that by saying the wrong thing, there could be repercussions – but not saying anything at all is the wrong approach.

Employers can help break down barriers

Employers including team leaders and line managers can play an important role in increasing workplace support and enabling conversations about the menopause, its symptoms and HRT. 

It is important to break down stigma and barriers around these issues to make the workplace a more open place where women can feel safe and discuss how they are feeling.

There is a link between these issues and gender diversity. While the financial advice industry is still a very male-dominated industry, it is improving. We have more women on boards and at the senior management level than ever before. More inclusivity across management and boards will help change the narrative and increase support for women going through the menopause – not just for employees but also for clients.

The numbers of women leaving the workforce due to the menopause is very worrying for their financial health. While it is great that celebrities like Davina McCall and Carol Vorderman are raising awareness of the menopause, they have a lot of wealth and access to private healthcare unlike most of the UK female population.

One of the problems is that, historically in financial services, it has been assumed that the man in the relationship will be making the financial decisions.

The WealthiHer Network Report 2019 predicted that while by 2025 women will hold over 60% of UK wealth, 70% of women are still not engaging with finance.

It is important to see more inclusion of both men and women in all conversations, to encourage women to have more interest in finances and have more of a voice in the earlier years, so that by the time they do reach menopause, they feel more in control of their finances.

We also need to make financial services and advice more accessible and more relevant to women to help them through this difficult change in their lives. While much needs to be done at the medical and societal level, in the financial world we can play our part in helping to change the narrative.

Creating a M plan

The menopause is a potentially life changing event, so it needs to be considered in financial planning. At Quilter Cheviot we encourage the creation of an M plan, to help gain a greater level of understanding of your financial position.

As this should be specifically designed to bring a greater degree of control, choice and comfort it is important to seek the correct expertise, with professional advisers and investment managers ideally placed to help. It is of utmost importance to select the right financial team to ensure you are comfortable.

Although a lot of male advisers and investment managers are well-suited to dealing with such personal matters, some women may prefer a female financial team. Previous feedback has shown that some women do not engage with financial advice due to the sizable amount of industry jargon that is regularly used. If this is the case and you do not understand something then we encourage you to speak out – at Quilter Cheviot we are striving to change in this regard and are very welcoming of feedback in this area.

[1] Menopause in the Workplace - Women's Health Concern (womens-health-concern.org)

[2] https://www.gov.uk/government/publications/menopause-and-the-workplace-how-to-enable-fulfilling-working-lives-government-response/menopause-and-the-workplace-how-to-enable-fulfilling-working-lives-government-response