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?

Yes, you are right in general, but not guaranteed. To be able have enough to leave immediately with children and get a plane or train, or go to a hotel, or put down a deposit on a flat straight away, would be nice.

( So far from being possible for most people though, I realise.)

As somebody who is in that situation (by default not necessarily 'choice') I would point out there are serious financial downsides to having lived your whole life without a partner. There is a lot of power in dual incomes.

I have, admittedly, been very financially irresponsible in the past - so maybe would have a different view had I been more sensible. But even saving a house deposit is a mountain. I will be nearing retirement before I manage to get on the property ladder and then only a flat (leasehold to boot!)

For a lot of people the goal of saving 20 grand over time would be for a house deposit, not to just have it sitting as spare money.

Unrealistic but maybe we could aim for something like £2,000. Enough for a deposit for a private rental property, for example .

Not all families are in a position to assist and it takes a while to apply for benefits. Any amounts received will be too low to cover costs in any meaningful way. Ditto support from charities. They won't be able to cover my rent for a month.

Low income women wouldn’t benefit from this at all. They wouldn’t qualify for benefits because of their savings. Sorry but this is lalaland. And wouldn’t benefit all women. You fill your boots though

Totally unrealistic! How will women on minimum wage ever achieve that. Even nurses and teachers wouldn't be able to do that on their salaries with the cost of living.

I bloody wish!

If you are on UC, you wont be allowed to have this sort of money. Your benefits would stop.
Some disabled women are totally financially reliant on their DP/DH. How would they be able to stash away £20k with no one noticing?

If you are married, your husband would get half anyway.
DM had a secret stash of savings that DF had no idea about it. But if they had divorced, he would have got half (and drank it all away, hence why it was hidden to begin with).

I remember a thread on here where OP's DM managed to save up £thousands when she gave up smoking... and she was called all sorts for keeping the money secret from her family.

I wish I could save 20k! Mate at this point I wish I could save £20 at the end of the month! I’m not on a terrible salary, but I earn too much to get UC but struggle each month. I’ve even started looking at evening and weekend jobs intop of my 8-5
I’m sure a lot of Us would love to be able to have a 20k buffer , but it’s just not possible

I’m 30yo.

I will die of old age before I manage to save up a spare £20,000.

I am genuinely baffled how people like yourself fail to understand how real, ordinary working class people live.

How wealthy are you and your family OP? You sound massively out of touch.

I think it’s great to have savings and yes gives you loads of security.

£20,000 is unrealistic for most women.

Are you going to give it to me? Where am
i getting 20k otherwose since my income
goes on bills and expenses?

Yes. 100%.

Never let yourself or your kids become so trapped that you can do nothing but stay trapped.

Always have an escape.

Possibly something to be said for keeping a small stash of cash in the house (thinking of people who need to escape dv, financial abuse etc) which is my argument for keeping cash, tangentially.
However most people are not going to be able to save anywhere near £20000; we have had nothing done in the house except absolute necessities for 20 years. I now have an inheritance from my lovely mum but when the kids were small I often had nothing at all; I remember being exceptionally grateful to find 20p on the ground!

I assume “direct” is your term for “tone deaf”?

That sounds incredibly tough. I can’t even comprehend what it must feel like to be living with no savings at all and no buffer to deal with unexpected expenses.
Dont you ever go on day trips, meals out or shows?

I completely agree with you. And I don’t agree with people who say it’s not achievable. It’s entirely possible as a woman even in a low income to educate themselves about finances and invest a small amount monthly amount in an all world equity fund with a stocks and shares ISA . If you invested £25 a month over last 20 years you would have between £18-£20 k and contributed £6 k

Raise that to £50 a month would be between £36-£42k

There are so many easy to use investment platforms on the internet and free courses to help you build a nest egg. But many people assume it’s beyond them. I think you can invest as little as £10 a month.

That takes 20 years though! Hence u achievable overnight, or even in a time frame that might be supportive.

A man should never be a plan but it seems the idea is becoming more not less popular

But shouldn't all adults be responsible for themselves?

It would be great but it’s not achievable for many and I write this as a woman who has saved and invested from my later teen years.

If you put in an initial £100 then £10 a month, but the time you retire you’d have £20,000 with compound interest. If you save in a stock and share ISA then you’d have more than that.

@PollyBell "But shouldn't all adults be responsible for themselves?"

This x 1000

Boys should be taught how to cook & sew on a button and women should know how to rod the drains and decorate.

On top of that women should be encouraged to get skilled-up and be self sufficient financially.

I’d feel nervous if I had less than 100 billion lying around frankly 🙄