What we don’t dare talk about
There are often a lot of things that are said and discussed on stage at every fintech conference — from embedded finance and generative AI to the future of banking and lending.
This is not a women-only issue, but an industry and societal challenge
But what about the things that are not said — perhaps topics that are considered taboo — on stage or off?
Recently, at a dinner with a few friends, we ended up on the topic of menopause.
You see, I’ll be hitting 50 soon. During my annual check-up, my doctor handed me a pamphlet titled “A Guide to Menopause”. I write a lot about the arbitrary number 50 and how the financial services industry has long been ignoring the longevity economy and the financial caregiving responsibilities of the sandwiched generation. But hiding in plain sight, which I had not thought about till now, is the financial impact of menopause and not only how unprepared many of us are, but also how little support we are getting from the industry and our society in general.
According to a recent report, the menopause could reduce a woman’s retirement savings by as much as £63k due to reduced work hours for women in their 50s. Adding this to the impact of stopping work altogether will bring about a staggering £126k retirement shortfall for women.
Now couple this with the gender pay gap and motherhood penalty, in addition to potential caring responsibilities. You can easily see which direction this goes.
By the World Health Organisation’s estimates, more than 50 million women in the US are over the age of 51, and approximately 1.3 million women become menopausal each year. In a recent survey, 4 out of 10 women said menopause interfered with their work performance or productivity on at least a weekly basis. Yet, according to a new report published by the Bank of America, only 14% of women surveyed believe their employers recognise the need for menopause-specific benefits.
Beyond innovation opportunities around digital health and fem-tech, there are obvious implications on financial planning. How do we help women better plan for potential disruption in income, especially when it comes at a time when they’re hitting their peak earning power and prime age bracket for retirement saving?
Taking it one step further, what about employer benefits such as menopause care, paid leave of absence, and support for flexible work arrangements? Menopause can bring about changes in healthcare needs as well as unexpected expenses. These are all important topics to consider as we continue to adjust to the change in work culture.
Sadly, according to a global survey conducted this year by the Chartered Institute for Securities & Investment (CISI), “almost a quarter of those working in financial services have said there are no measures in their workplace to support women senior leaders going through the menopause”. In the same survey, it was reported that only 8% of respondents offered paid leave of absence, and 6% of firms had a menopause private medical employee benefit.
With 1.1 billion post-menopausal women expected by 2025 globally, I can’t help but wonder, is the lack of support wilful ignorance or ageism? For a life stage that is a normal course of life and impacts so many, why is the topic such a stigma? By helping women understand and navigate the complexities of financial well-being around menopause, we might have a better chance of tackling some of the unpredictable nature of our biology and retaining some of the much-needed expertise and talent in our industry.
This is not a women-only issue, but an industry and societal challenge, and one that we can certainly step up to. But more work needs to be done. And we don’t need to suffer in silence.
About the author
Theodora (Theo) Lau is the founder of Unconventional Ventures. She is the co-author of Beyond Good and co-host of One Vision, a podcast on fintech and innovation.
She is also a regular contributor for top industry events and publications, including Harvard Business Review and Nikkei Asian Review.
