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Half of women experiencing perimenopause or menopause say their careers have been negatively affected by the transition, with some reducing their working hours or turning down opportunities to progress professionally, a survey has found.
Nearly three in 10 (29%) said menopause or perimenopause had affected how much they were able to save for retirement, while a similar proportion (30%) reported an impact on their day-to-day finances.
The research also found that half of women experiencing symptoms (50%) would like greater support from their employers. The findings come from Scottish Widows’ latest Women and Retirement Report, which is due to be published next week.
Nearly a fifth (17%) said they had been forced to take time away from work to manage symptoms.
One in eight (13%) women had reduced their working hours and 10% had turned down a promotion or career progression opportunity, for menopause-related reasons.
Data modelling from Scottish Widows found a 50-year-old woman in full-time work taking a six-month unpaid break could potentially cost £1,300 in pension contributions.
The calculation was based on an average salary for a woman around this age in full-time work and assumed that the employee contributed 5% of eligible salary with the employer paying in 3%.
Gaps in pension contributions will have a bigger impact over time as savers will also miss out on the interest that could have been earned on them.
Scottish Widows said it encourages employers to create a menopause-friendly culture, and factor in private healthcare providers which offer cover for menopause specifically.
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It also suggested employers partner with charities or schemes that support menopause awareness and consider offering training to help employees manage menopause conversations in the workplace.
Firms may also want to consider having information about menopause policies, resources, and support in one place and building an employee-led community to encourage further conversations around menopause symptoms, it said.
The survey also indicated more than half (51%) of women aged 35 to 44 are experiencing a health condition of some type, climbing to 82% of women aged 45 to 54.
Just under a third (29%) of men aged 35 to 44 also said they are experiencing a health condition, growing to 45% for men aged 45 to 54.
Two-thirds (66%) of women surveyed believe employers should be required to provide better support to women experiencing perimenopause or menopause symptoms, including financial support.
Susan Hope, a retirement expert at Scottish Widows, said: “Perimenopause or menopause often coincides with what should be the peak earnings potential of a woman’s career.
“When symptoms force women to reduce their hours, step back from promotion opportunities, or leave work entirely, the ripple effect on their pension pots is huge.
“Alongside the challenges that women already face when building wealth, perimenopause and menopause can compound the gender pension gap. We can’t allow menopause to remain an unaddressed barrier that widens the gender pension gap.
“Employers have a vital role to play in creating supportive environments that help women remain in work, protect their income and secure their long-term financial wellbeing.
“To help people understand the effects of career breaks, at any point in their working lives, we’ve developed a career break modeller feature in our app.
“It can help people, their partners and loved ones understand the actual cost of a career break and work to minimise the consequences, with actions like topping up pensions.”
YouGov surveyed more than 4,000 people across Britain in August for the report. The survey included 1,025 women with menopause or perimenopause symptoms.
Pensions Commissioner Baroness Jeannie Drake said: “This research adds to the evidence that the gender pensions gap is shaped by the realities of women’s working lives.
“Menopause often arrives when women could be making bigger contributions to their retirement savings, yet too many are cutting their hours or stepping back from progression without the support they need.
“As the commission prepares its final report we are looking at how the private pension system can be more responsive to the needs of women – something I believe employers, pension providers and policymakers will need to work on together.”
Ruth Wilkinson, head of policy and public affairs at the Institution of Occupational Safety and Health, said: “We encourage employers to consider the menopause in the workplace within a more holistic approach to employee health and wellbeing that puts the spotlight on providing effective management practices, risk assessments, practical support and adjustments.
“We also encourage the provision of information and training and the adoption of an inclusive and supportive workplace culture of an open nature for those experiencing symptoms rather than solely focusing on superficial initiatives.”
