Phoenix Group launches Women’s Innovation Forum in collaboration with FinTech Scotland and TCS COIN (Co-Innovation Network) and is inviting organisations to propose innovative solutions for closing the gender pensions gap, with a focus on involving women in financial decisions.
Phoenix Group is looking for applicants who can develop original ideas to include women in their financial futures and help them make better decisions. Applicants will be encouraged to address innovation, creativity, and implementation in their proposals, and to consider how to deliver their solution to Phoenix Group’s significant customer base, leveraging its scale and capabilities in their solution.
Research by Phoenix Group’s think tank, Phoenix Insights shows women often save less for retirement than men do, on average 34 per cent less by the time they reach their 40s and 51 per cent less by the time they reach their 50s, as a result of a variety of life events such the menopause, caring obligations, and divorce.
The deadline for online applications is September 10th. A team of specialists from the Phoenix Group will hear the final pitches in December.
Phoenix Group director of corporate affairs and investor relations Claire Hawkins says: “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.”
FinTech Scotland CEO Nicola Anderson says: “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.
“Fintech innovation can change that reality, and in collaboration with Phoenix Group we believe that the time for action is now. 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.”
