MENOPAUSE & MONEY
Support your employees and leadership teams around Menopause & Money Matters?
Request a call back or watch Tracey sharing her story and learn more about our dedicated workshop below... |
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What Does This Workshop Cover?
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Meet The Speakers
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Tracey Taylor
Tracey is a 51-year-old perimenopausal woman and is also a certified financial protection adviser, a menopause coach, and an active member of the Financial Therapy Association. Tracey's work with FinWELL offers a variety of services to help women manage their menopause symptoms and cope with financial overwhelm. |
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Justine Piercy
Justine joined the FinWELL Team to help employees improve financial wellbeing especially budgeting and basic money management. Justine has over 30 years experience in financial services and now as a wellbeing consultant, works with a number of high-profile institutions including The Money Charity. |
A GUIDE TO 'MENOMONEY'
Here's our guide to the menopause and the links to money and money anxiety.
The Definition of Menopause: Menopause refers to the natural process in a woman's life when she stops menstruating permanently, marking the end of her reproductive years.
It is officially diagnosed after 12 consecutive months without a menstrual period. Age range: Menopause typically occurs between the ages of 45 and 55, with the average age being 51. However, it can happen earlier or later for some women.
Perimenopause: Before menopause, women go through a transitional phase called perimenopause. During this time, hormone levels fluctuate, and menstrual cycles become irregular.
Perimenopause can last several years and may include symptoms similar to menopause. Hormonal changes: Menopause is primarily caused by a decline in the production of reproductive hormones—oestrogen, progesterone and testosterone. These hormonal changes can lead to various physical and emotional symptoms.
Common symptoms: Menopause can bring about a range of symptoms, including hot flashes, night sweats, vaginal dryness, sleep disturbances, mood swings, irritability, decreased libido, weight gain, and changes in skin and hair. However, not all women experience these symptoms, and their severity varies.
Long-term health effects: Menopause is associated with an increased risk of certain health conditions. For example, women may be at higher risk of developing osteoporosis (reduced bone density), heart disease, and weight gain. Hormone replacement therapy (HRT) or other treatments may be recommended to manage these risks.
Emotional and cognitive changes: Some women may experience emotional and cognitive changes during menopause. Mood swings, irritability, anxiety, and difficulty concentrating or remembering things are not uncommon.
However, it's important to note that these changes are not universal and vary among individuals.
Impact on fertility: As women approach menopause, their fertility declines. It becomes increasingly challenging to conceive naturally, and the chance of pregnancy decreases significantly. However, it is still possible for women to become pregnant until they have reached menopause and gone without a period for a full year.
Postmenopause: Postmenopause refers to the period after menopause when a woman has not had a menstrual period for a year or longer. During this phase, menopausal symptoms may persist but often diminish over time.
Management: There are various approaches to managing menopause symptoms. Lifestyle changes, such as regular exercise, a healthy diet, stress reduction techniques, and getting adequate sleep, can be beneficial. Additionally, hormone therapy, non-hormonal medications, and alternative therapies may be considered depending on individual circumstances and symptoms.
Remember, menopause is a natural biological process, and the experience can differ from woman to woman. It's important to consult with a healthcare professional to address any concerns, discuss treatment options, and develop a personalized approach to managing menopause.
Key Facts and Statistics about Menopause and Money
The Definition of Menopause: Menopause refers to the natural process in a woman's life when she stops menstruating permanently, marking the end of her reproductive years.
It is officially diagnosed after 12 consecutive months without a menstrual period. Age range: Menopause typically occurs between the ages of 45 and 55, with the average age being 51. However, it can happen earlier or later for some women.
Perimenopause: Before menopause, women go through a transitional phase called perimenopause. During this time, hormone levels fluctuate, and menstrual cycles become irregular.
Perimenopause can last several years and may include symptoms similar to menopause. Hormonal changes: Menopause is primarily caused by a decline in the production of reproductive hormones—oestrogen, progesterone and testosterone. These hormonal changes can lead to various physical and emotional symptoms.
Common symptoms: Menopause can bring about a range of symptoms, including hot flashes, night sweats, vaginal dryness, sleep disturbances, mood swings, irritability, decreased libido, weight gain, and changes in skin and hair. However, not all women experience these symptoms, and their severity varies.
Long-term health effects: Menopause is associated with an increased risk of certain health conditions. For example, women may be at higher risk of developing osteoporosis (reduced bone density), heart disease, and weight gain. Hormone replacement therapy (HRT) or other treatments may be recommended to manage these risks.
Emotional and cognitive changes: Some women may experience emotional and cognitive changes during menopause. Mood swings, irritability, anxiety, and difficulty concentrating or remembering things are not uncommon.
However, it's important to note that these changes are not universal and vary among individuals.
Impact on fertility: As women approach menopause, their fertility declines. It becomes increasingly challenging to conceive naturally, and the chance of pregnancy decreases significantly. However, it is still possible for women to become pregnant until they have reached menopause and gone without a period for a full year.
Postmenopause: Postmenopause refers to the period after menopause when a woman has not had a menstrual period for a year or longer. During this phase, menopausal symptoms may persist but often diminish over time.
Management: There are various approaches to managing menopause symptoms. Lifestyle changes, such as regular exercise, a healthy diet, stress reduction techniques, and getting adequate sleep, can be beneficial. Additionally, hormone therapy, non-hormonal medications, and alternative therapies may be considered depending on individual circumstances and symptoms.
Remember, menopause is a natural biological process, and the experience can differ from woman to woman. It's important to consult with a healthcare professional to address any concerns, discuss treatment options, and develop a personalized approach to managing menopause.
Key Facts and Statistics about Menopause and Money
- Women experience menopause at an average age of 51, which is often a time when they are at the peak of their careers.
- Women are more likely than men to take time off work to care for children or elderly parents, which can result in lost income and retirement savings.
- Women live longer than men, which means they need to save more for retirement. However, they tend to have less saved due to the gender pay gap and other factors.
- Women are less likely than men to invest in the stock market, which can limit their potential for long-term wealth accumulation.
- Hormonal changes during menopause can affect women's mental and emotional health, which can in turn impact their financial decision-making and overall financial well-being.
- Menopause symptoms, such as hot flashes and night sweats, can disrupt sleep and lead to fatigue, which can affect work performance and productivity.
- Women may face ageism and discrimination in the workplace as they approach menopause, which can result in reduced opportunities for career advancement and lower salaries.
- Women of colour, particularly Black and Latina women, experience a larger gender pay gap than white women, which can further exacerbate the challenges they face during menopause.
- Overall, menopause can have a significant impact on women's financial well-being, both in the short term and in the long term. It is important for women to be aware of these challenges and to take proactive steps to manage their finances and plan for their future.
Financial Well-being and Menopause Menopause can have a significant impact on women's financial wellbeing
Here are some of the ways in which menopause can affect women's finances:
Here are some of the ways in which menopause can affect women's finances:
- Reduced income: Women who experience menopause may need to take time off work to manage their symptoms, which can result in reduced income. Menopause symptoms, such as hot flashes and night sweats, can also affect sleep quality and lead to fatigue, which can impact work performance and productivity.
- Increased healthcare costs: Women may need to spend more on healthcare during menopause to manage symptoms and prevent related health issues, such as osteoporosis and heart disease. Retirement savings:
- Menopause can also impact women's retirement savings. Women tend to live longer than men and therefore need to save more for retirement. However, due to the gender pay gap and other factors, women may have less saved for retirement than men. Investment decisions:
- Menopause can affect women's decision-making abilities, which can impact their investment decisions.
- Women may also be less likely to invest in the stock market than men, which can limit their potential for long-term wealth accumulation.
- Ageism and discrimination: Women may face ageism and discrimination in the workplace as they approach menopause, which can result in reduced opportunities for career advancement and lower salaries.
- Emotional well-being: Hormonal changes during menopause can affect women's mental and emotional health, which can in turn impact their financial decision-making and overall financial well-being.
Some potential solutions...
To mitigate the impact of menopause on financial well-being, women can take proactive steps to manage their finances and plan for their future.
This may include creating a financial plan, investing in their retirement savings, and seeking professional support, such as financial planning or counselling.
Additionally, maintaining a healthy lifestyle and managing menopause symptoms can also help women maintain their financial well-being.
Money Anxiety and Menopause: Money anxiety during menopause is a topic that deserves attention and understanding. Menopause, a natural phase in a woman's life, brings about hormonal changes that can impact not only physical and emotional well-being but also financial stability. Let's delve into the specific challenges that contribute to money anxiety during this time.
Firstly, health-related expenses can escalate during menopause. Women may experience increased risks of conditions like osteoporosis, heart disease, and certain cancers. Managing these health issues can require substantial financial resources, including medications, doctor visits, and specialized treatments. The financial burden of healthcare costs can lead to anxiety and worry about affording necessary care.
Secondly, menopausal symptoms can affect work and career progression. Hot flashes, night sweats, and sleep disturbances can disrupt sleep patterns, causing fatigue and reduced productivity. Mood swings and decreased concentration may impact job performance, potentially leading to missed opportunities, decreased income, or even job loss. The resulting financial strain can exacerbate anxiety during this phase.
Thirdly, menopause often coincides with thoughts of retirement. Women may contemplate their financial preparedness for the future, including retirement savings and investments. Factors like wage gaps, career interruptions due to caregiving responsibilities, or divorce can contribute to a sense of insecurity about financial stability in the long term. The uncertainty of maintaining a comfortable lifestyle during retirement can amplify money anxiety.
Furthermore, the emotional and cognitive effects of menopause can influence financial decision-making. Mood swings, anxiety, and memory problems can make it challenging to manage finances effectively. Women may experience difficulty in budgeting, tracking expenses, or making informed financial choices. This can lead to heightened anxiety about money and a sense of loss of control.
To address money anxiety during menopause, there are several strategies that can help:
To mitigate the impact of menopause on financial well-being, women can take proactive steps to manage their finances and plan for their future.
This may include creating a financial plan, investing in their retirement savings, and seeking professional support, such as financial planning or counselling.
Additionally, maintaining a healthy lifestyle and managing menopause symptoms can also help women maintain their financial well-being.
Money Anxiety and Menopause: Money anxiety during menopause is a topic that deserves attention and understanding. Menopause, a natural phase in a woman's life, brings about hormonal changes that can impact not only physical and emotional well-being but also financial stability. Let's delve into the specific challenges that contribute to money anxiety during this time.
Firstly, health-related expenses can escalate during menopause. Women may experience increased risks of conditions like osteoporosis, heart disease, and certain cancers. Managing these health issues can require substantial financial resources, including medications, doctor visits, and specialized treatments. The financial burden of healthcare costs can lead to anxiety and worry about affording necessary care.
Secondly, menopausal symptoms can affect work and career progression. Hot flashes, night sweats, and sleep disturbances can disrupt sleep patterns, causing fatigue and reduced productivity. Mood swings and decreased concentration may impact job performance, potentially leading to missed opportunities, decreased income, or even job loss. The resulting financial strain can exacerbate anxiety during this phase.
Thirdly, menopause often coincides with thoughts of retirement. Women may contemplate their financial preparedness for the future, including retirement savings and investments. Factors like wage gaps, career interruptions due to caregiving responsibilities, or divorce can contribute to a sense of insecurity about financial stability in the long term. The uncertainty of maintaining a comfortable lifestyle during retirement can amplify money anxiety.
Furthermore, the emotional and cognitive effects of menopause can influence financial decision-making. Mood swings, anxiety, and memory problems can make it challenging to manage finances effectively. Women may experience difficulty in budgeting, tracking expenses, or making informed financial choices. This can lead to heightened anxiety about money and a sense of loss of control.
To address money anxiety during menopause, there are several strategies that can help:
- Education and awareness: Learning about personal finance, retirement planning, and investment strategies can increase confidence and alleviate anxiety. Seek out educational resources, workshops, or consult financial advisors to gain knowledge and understanding.
- Budgeting and financial planning: Develop a budget that takes into account your current financial situation and future goals. Plan for healthcare expenses, retirement savings, and any other financial priorities. Having a clear financial roadmap can provide a sense of control and reduce anxiety.
- Seek support: Reach out to friends, family, or support groups to share experiences and concerns. Connecting with others going through similar experiences can provide emotional support and practical advice.
- Professional guidance: Consider consulting a financial advisor who specializes in retirement planning and women's financial issues. They can help assess your financial situation, provide personalized advice, and help you create a plan to navigate this phase successfully.
- Self-care and stress management: Prioritize self-care activities such as exercise, mindfulness, and relaxation techniques to manage stress and improve overall well-being. Taking care of your mental and physical health can positively impact your financial decision-making and reduce anxiety.
Remember, money anxiety during menopause is a common experience, and you are not alone. By addressing financial concerns head-on, seeking support, and taking proactive steps, you can mitigate anxiety and gain control over your financial wellbeing.
