Phoenix Group has partnered with Fintech Scotland and TCS Co-Innovation Network (TCS Coin) to launch a Women’s Innovation Forum, to support industry efforts to tackle the gender pensions gap.

The group was launched after research from the group’s think tank, Phoenix Insights, revealed that women are being left behind in their pay and pension saving at key life stages, saving 34 per cent less than men on average by their 40s, and 51 per cent less by their 50s.

The forum will therefore look to encourage third-party organisations to find innovative ways of engaging women more effectively in their financial futures and improve their ability to make better informed financial decisions.

Applicants to the forum will be encouraged to address innovation, creativity, and implementation in their proposals, and to consider how to deliver these solutions to a significant customer base.

Proposed solutions will be assessed on factors including their potential impact, scalability and originality.

Commenting on the plans, Phoenix Group director of corporate affairs and investor relations and executive sponsor of the scheme, Claire Hawkins, said: “This an extremely important issue for a huge number of people in the UK and a topic close to my heart.

“Far too many women are not saving enough to meet the income levels they want or expect in retirement and this is a tremendous opportunity to reach out to them and engage them in their financial futures so we can help them make better, more informed decisions that can ultimately lead to securing a better, longer life.

“We are passionate about improving their knowledge, confidence and capability to improve their financial outcomes in retirement. That is why we’re looking for organisations who can find creative, scalable and effective solutions to address the gender pensions gap as we look to develop and explore new ways of tackling this issue.”

Adding to this, FinTech Scotland CEO, Nicola Anderson, CEO, said: "FinTech Scotland is proud and excited to be working with the Phoenix Innovation Forum on this important topic.

“Engaging and empowering citizens in their financial futures is an essential component in helping the UK build its financial inclusion ambition. The retirement savings gap is a growing concern in the UK and the current research shows this has a significant impact on women in particular.

“With this new innovation forum, we hope to discover bold and transformative ideas that will enhance women's financial knowledge, improve their confidence, and grow their capabilities to achieve the future they want."

Share Story: