In Focus: Retirement Income  

Toilet talk and pensions parity

Simoney Kyriakou

Simoney Kyriakou

A whole movement was possibly forged in the crucible of the cubicle.

As has been the case ever since, what began as a mere suspicion among a few women in a few industries became widespread and systematic: women were getting paid far less for doing the same job.

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No longer would Dave in Sales be able to keep his big bonus a secret, for women were talking, comparing notes, getting unions and lawyers involved and boom - the Equal Pay Act and subsequent policies have ensured that companies can no longer keep a lid on unfair pay practices.

The old patriarchal warning 'it is against company policy to discuss your pay with other employees) has become laughable. It is now a governance imperative for pay disclosure, not just across sex but also across race, culture and gender. 

With this greater transparency comes more confidence among women to talk about money - and not just in the toilet. 

In 2019, the Chartered Insurance Institute's Insuring Women's Futures report found that 79 per cent of millennial women have not discussed their finances with their partner.

The creation of the Talkto10K campaign, aiming to reach women across the UK with more knowledge about their need to improve their financial resilience, aimed to overcome the barriers to discussing finance.

We need to talk about money - not just pay but our pensions and our prospects.

In 2020, the CII's chief executive, Sian Roberts, told FTAdviser that if the pay gap persists unchecked: "Pension parity might not be there until 2100, and none of us think that is the right place to be".

We know Covid has had a knock-on effect, not just on our ability to gossip in the toilets but also on our financial capabilities. More women have gone part-time or worked reduced hours for reduced pay during the pandemic to take on caring responsibilities.

As a result, the pensions gap may well be widening and, if nothing is done, there will be a poorer financial future facing millions of women in the UK.

So as we return to work and take our lateral flow tests and start working out whether to put make up on just our eyes or the whole face, despite the mask, let's also consider having conversations that matter. 

Sure, a bit of small talk is all good - but let's not stop there, ladies. Let's encourage each other to take control of our financial futures - one five-minute loo break at a time. 

simoney.kyriakou@ft.com