A woman ’ s mindset for success : Lead at work , boss your money at home
Advertising feature by Gemma Young Founder , Queens Square Wealth Management
You ’ re capable , ambitious and have a strong work ethic that ’ s helping you carve out a niche working for yourself or climb the corporate ladder . More women are shattering the glass ceiling every day as they take their careers to new heights . The number of women on boards is rising 1 , while more women are striking out on their own to become self-employed entrepreneurs 2 .
With success in the workplace or their own businesses comes growing wealth : women are predicted to own 60 % of the wealth in the UK by 2025 , according to the Centre for Economics and Business Research 3 . But , to manage this wealth effectively , women need to give it as much care and attention as they give their career .
Are you approaching long-term financial planning with the same intensity as you do your career ?
Is cash really “ king ”? Even high-earners can end up financially insecure if they don ’ t take responsibility for their own financial lives . According to research by WealthiHer in 2019 4 women “ overwhelmingly believe the role of wealth is to provide for family , security and comfort ” and they see that cash is best way to do this . This can mean your money is not working hard enough , and you can end up taking a level of risk that ’ s inappropriate for your age and life stage . When this happens , even high-earning women can end up short-changed and struggling in retirement , which nowadays could last 30 years or more .
High-earners face a tax trap So what can women do to make the most of their hardearned wealth ? Never underestimate the importance of professional financial advice . When it comes to pension planning in particular , this can be invaluable .
For example , people often get caught out when it comes to pension allowances , as the rules change . As of the 2020 / 21 tax year , the maximum you can pay into your pension without attracting a hefty tax bill is £ 40,000 a year , or less if you have a high income . With the affects of the coronavirus pandemic still prevalent , paying too much into a pension might be the furthest thing from your mind . But if you don ’ t have the funds spare to maximise your allowance this year , remember that you might be able to carry forward any unused allowance from the last three years . An adviser can help you use your allowances wisely .
Whether you ’ re missing out on tax efficiencies or not saving enough , pension planning can help you strike the right balance . Just ask how Queens Square Wealth Management can help you today .
The value of an investment with St . James ’ s Place will be directly linked to the performance of the funds selected and the value may fall as well as rise . You may get back less than the amount invested .
The levels and bases of taxation , and reliefs from taxation , can change at any time and are generally dependent on individual circumstances .
“ women are predicted to own 60 % of the wealth in the UK by 2025 ”
References : 1 Hampton-Alexander Review , November 2019 2 Trends in self-employment in the UK , Office for National Statistics ,
February 2018 3 Centre for Economics and Business Research 2005 4 WealthiHer Report 2019 queenssquarewealth @. co . uk 01225 742644
For more info : www . queenssquarewealth . co . uk
Queens Square Wealth Management Ltd is an Appointed Representative of and represents only St . James ’ s Place Wealth Management plc ( which is authorised and regulated by the Financial Conduct Authority ) for the purpose of advising solely on the Group ’ s wealth management products and services , more details of which are set out on the Group ’ s website www . sjp . co . uk / products . The title ‘ Partner Practice ’ is the marketing term used to describe St . James ’ s Place representatives .
THE BUSINESS EXCHANGE 2021 15