"Elevate Your Wealth: Essential Strategies for a Brighter Financial Future" Panel Event – AIB Dublin, 6 December 2024
8 Years – That’s how much longer women need to work than men to accumulate the same pension pot.
On December 6th, founders from the AwakenHub and AwakenAngels community, along with AwakenHub partner AIB, convened to discuss women’s financial health and wealth. Money remains a taboo topic, with financial status and future planning often overlooked, misunderstood, or avoided altogether.
The AwakenHub community works tirelessly to democratise angel investing for women, addressing the systemic gender bias that leaves only 2% of global funding going to women-founded companies and just 7% of angel investors in Europe being women. Yet, the challenges and opportunities surrounding women’s financial health extend far beyond founders and investors.
This broader dialogue about financial health is critical for the success of women today and the empowerment of the next generation. Key points from the event, hosted by AwakenHub CEO and Co-Founder Clare McGee, and featuring Ciara Ryan (Head of Wealth & Insurance at AIB), Lesley Tully (Founder & CEO, Penny Financial), and Cathy Brennan, include:
Gender Pension Gap: The 2024 research on 130,000 Irish Life defined contribution plan members shows a 36% pension gap, requiring women to work 8 years longer than men to achieve equivalent savings.
Future Wealth: Women are set to inherit 70% of global wealth over the next two generations, with projections showing they will own 50% of wealth in Ireland by 2025.
Financial Silence: Women are more likely to discuss personal topics like menstruation, menopause, and relationships than financial matters. This needs to change.
Evolving Financial Landscape: Women’s financial health will transform significantly over the next decade, necessitating preparedness.
Misconceptions About Investing: Common myths, including fears surrounding angel investing, often deter women from entering investment markets. Platforms like AwakenAngels make this asset class more accessible.
Taking Action: Open conversations about money are essential for empowering women today and securing a better future for the next generation.
Pension Planning: It’s never too early or too late to start a pension or understand your options. Think of your pension as funding for the "biggest holiday of your life."
Financial Confidence: Knowledge and action breed confidence, allowing women to make informed decisions.
Balancing Goals: Managing short-term financial needs while planning long-term wealth is crucial, particularly for founders.
Navigating Life Changes: Women need financial protection during significant transitions such as marriage, divorce, or starting a family.
Practical strategies for building wealth include seeking advice from financial planners or banks, understanding available options, and taking proactive steps toward financial independence. Platforms like This is Penny address historical disparities by providing tools tailored to women’s unique financial needs.
Acknowledgments
Special thanks to John Brennan, Ellen Drumm, and AIB for their support in hosting this impactful event.
Panel Profiles
Ciara Ryan: Head of Wealth & Insurance at AIB, with over 25 years of experience in senior roles spanning Banking, Investment Management, and Insurance.
Lesley Tully: Co-founder of This is Penny, a purpose-driven fintech focused on empowering women through flexible, accessible private pensions.
Cathy Brennan: SENDA Advisory Board member with nearly 30 years in Financial Services and a Certified Financial Coach Practitioner. She was recently named Financial Adviser of the Year (Scotland and NI) at the Women in Financial Advice Awards 2024.
