To think every woman should have at least £20,000 in savings she can access independently?

[AmusedPlumMember]

I’m going to be quite direct here.

I personally think every woman should aim to have at least £20,000 in savings that she can access independently, whether that’s in an ISA or another account. For me, it’s about having a level of financial security and not being completely reliant on anyone else, even in a committed relationship. I know that won’t be achievable for everyone at all times but as a principle it feels important.

AIBU to think that’s just sensible or am I being unrealistic?

I agree with you but are parents capable of doing this themsleves let alone teaching their children, that is one issue

Your maths is extremely off.

Well, it says a lot about the educational systems in this country if parents can't sew on a button !
Don't they teach housecraft/domestic science in schools any more ?

No, I school is full of all the other stuff that people wanted teaching. Funny that schools can't teach everything.

It should not always be up to schools

The OP didn’t say overnight though. She said work towards or words to that effect. OP didn’t mention an age to have it by. All I’m saying it’s possible to generate wealth as a woman in a drip feeding type way over time. The compounding then started to make a dramatic difference so whilst the initial progress is slow- the compounding means you get higher faster growth in the later years. But hey I gave you a timeframe - what ideas have you come up with to help more women ? I’d love to hear them. Most of my wealth has been generated by keeping costs under control, and investing as much as I can from a young age. I worked this out for myself age 22. My parents don’t have a clue, the schools are useless and don’t teach these skills. But it’s completely easy and possible.

You think every woman has this much money that they can save, how naive and privileged are you !

In fairness schools do teach compound interest and model the effect over time. Don't believe me, see Martin Lewis, GCSE specifications and GCSE exams. Funnily enough most 16yos don't give a shit.

20k is unachievable for many. Lots don't have £5 to spare, never mind £10 a month.

20k is an arbitrary figure anyway. I agree that where possible all people should have a fund of their own money, male or female. But I'm not naïve enough to think this is achievable for all. Goady posts like the OPs aren't particularly helpful when trying to educate people. I also think your sums aren't correct to get 20k but it does depend on the interest rate you used.

For crying out loud...schools are not there to teach life. If we want them to do that, toss out the academic stuff. I know some would think that's a great idea but until it is, stop asking us to do the job of parents.

I think women working and not giving up their financial independence is very important.

Wouldn't it be part of the marriage pot in the event of a split anyway? I think the set up where one person works and the other stays home for the entirety of the marriage is usually pretty unhealthy and not desirable but I don't see the point in getting married if you're going to keep a large sum of money hidden with the plan to walk off with it in the event of a split. The institution is generally set up to protect the lower earner still.

This is a weird thread.

I actually agree with you—it's not just about security, but about freedom of choice. Having accessible savings means you can make decisions based on what you want, not just what you can afford in the moment; for example, if you suddenly feel like taking a break, you could easily rent a car and go on a road trip in the UK for a long time without worrying about the cost, and that sense of independence is really valuable.

I didn’t learn that at school and I am 45.

I’m 41 and I did…but then again I was educated in Ireland.

It’s easy and possible to do - definitely. But I think you are being a bit flippant as to how easy it is to come by this knowledge. I am from the pre social media / pre smart phone era. I learned about investing, stocks and shares ISAs etc very late (I was in my 30s) and that was purely accidental. Unfortunately It’s a case of you don’t know what you don’t know and it doesn’t even occur to you to know where to go to find out what you don’t know.

I do think grace is owed to those who simply don’t have this information and don’t know they don’t know it.

(I am playing my part in remedying this lack of knowledge for my nieces and nephews though.)

Yep - domestic science and housecraft was on the way out and I went to a girl’s school.

£20k seems like a bit of an arbitrary number but if you’re offering…

yeah my dd is 13 and does home economics so it’s still being taught here…but I’ve already passed on my knowledge so she’s flying that subject already.

Every woman needs a steady flow of income, even if it's only enough to scrape by. The amount of savings she has are not as important, after all, 20k isn't going to get you very far if you don't have a regular income.

No.

But we have booked a caravan for 3 days this May, that will be our first time away for ten years.

No days out etc though.

You don't seem to understand that people on low incomes often simply don't have £10 a month spare to save.

I certainly don't.

A few generations before us .. women were encouraged to put aside ( bis housekeeping money) a run away run … so maybe this is nit a modern concept.

I come from the same era ! I always had a curious mind and I was a teenager when I saw the devastation in our family when my aunt’s husband left her and 2 kids for another woman. The house went into negative equity as interest rates were sky high. I vowed I’d always be financially independent and have money for me. Regardless of marriage and that meant earnings and investment. I applied for a PEP personal equity plan aged 22 back in the day. I also had a work ethic. I read stuff. That’s how I found out.

I was the first person to go to university in my family. My peers bullied me for it relentlessly but it opened the door to higher earnings. So here is a finger for them now! I always took opportunities to gain new skills and learn. Ignorance is not an option. The schools however do have a duty of care to teach finance. But I wonder why they don’t? Because they want the ignorant to stay that way maybe? The poor get poorer and the rich get richer. Now there is tons of stuff on social media about generating wealth. A lot is free. It’s never too late either. Try Rebel Finance on Facebook. New course coming in June.

“The house went into negative equity as interest rates were sky high. I vowed I’d always be financially independent and have money for me. Regardless of marriage and that meant earnings and investment. I applied for a PEP personal equity plan aged 22 back in the day. I also had a work ethic. I read stuff. That’s how I found out.”

But you knew where to go, what to look for, what questions to ask. That’s my point.

I recall having access to a Financial Advisor through work when I was 28. I asked a lot of questions. He answered them (albeit he was very miserable and heldback.)

I felt good and on track and in the years since I learned he was absolutely useless and there was so much other knowledge I have come by since!

You mentioned the concept of negative equity and the experience that prompted you to be financially independent. Most of my family did (and do) rent. I lived in a rented home my entire childhood. Those terms would have been meaningless. For me “financially independent” always simply meant not living off a man. I had never heard of passive income or investing. Having more income was always taught as additional jobs.

It just seems fairly flippant to be critical of those who never did things they had no idea even existed!

I do agree with you that the growth of social media, for those who use it, is great. Much easier ways to accidentally come across information.

You're incredibly out of touch if you think having 20k in savings is an achievable goal for the vast majority of women, many of whom have DC to support and have taken a career hit to do so.