Taking Charge: Women, Finances, and the Menopause

For many women in the UK, finances are a constant juggle. We navigate the gender pay gap, childcare costs, and the ever-present mental load of household finances. But what about the impact of menopause? While not an illness, this natural transition can throw a curveball at our financial security.

The Financial Impact of Menopause

Studies show a real link between menopause and finances. Here’s how it can affect us:

  • Reduced Earning Potential:  Symptoms like fatigue, brain fog, and anxiety can make work challenging. Some women may need to reduce hours, change careers, or even leave the workforce entirely.
  • Increased Healthcare Costs: Treatment for menopausal symptoms can add up. Prescriptions, therapies, and specialist appointments can strain budgets.
  • Cost of Private Doctors: NHS doctors may not have the most up-to-date training on menopause. Seeking a private menopause specialist can be expensive, with initial consultations typically ranging from £100 to £350. Follow-up appointments and additional tests can further increase the cost.
  • Prescription Charges: While some HRT prescriptions are free on the NHS, or can be accessed through Pharmacies, others come with a charge per item. The cost can vary depending on the medication. Although great progress is being made in this area to make HRT more widely available to more women through the NHS prescription pre-paid certificate, enabling women to save on prescription fees by paying just £18 per year for their HRT.
  • Long-Term Health Risks:  Menopause increases the risk of osteoporosis and heart disease, potentially leading to higher medical costs down the line. Some women may even feel they have to give up work due to ill health putting extra burdens on the benefits system and cutting down on their own financial stability.
  • Relationship breakdown: Menopausal symptoms can create additional pressures on relationships and may even result in divorce. A 2021 survey revealed that 68% of divorces, involving women, were initiated by wives, illustrating that its relatively common for a marriage to break down during a woman’s menopausal years. Divorce rates peak for couples aged 45 to 49 years old in the UK, according to the National Office for Statistics. Divorce creates changes in a person’s financial position – whether that is having to leave the marital home, buy/rent alternative accommodation, perhaps even take on additional work to make ends meet.

Taking Control: Strategies for Financial Wellness

The good news? With some proactive planning, we can mitigate the financial impact of menopause:

  • Open Communication at Work: Talk to your employer about flexible working arrangements or adjustments that can help you manage symptoms at work. These adjustments may only need to be temporary until the worst of your symptoms improve.
  • Open Communication at Home: Talk to your partner about your symptoms and how they are impacting your relationship. Try to reach an agreement in terms of what support you need and how you will navigate this stage of your life to keep your relationship strong.
  • Financial Planning: Review your income, expenses, and long-term goals. Consider building an emergency fund and exploring pension options.
  • Healthcare Advocacy: Don’t be afraid to discuss treatment options with your doctor. Explore cost-effective strategies, including generic medications if available, and negotiate prescriptions when possible. Go to the NHS website on gov.uk and sign up for the pre-paid certificate to save money – these can often be set up with an instalment payment plan to spread the costs even further.
  • Lifestyle Changes: Healthy habits like a balanced diet, regular exercise, and good sleep can improve your overall well-being and potentially reduce reliance on medications.

Breaking the Silence

Whilst menopause is a normal and natural part of life, it remains a taboo subject that we don’t talk about openly. In the same way finances can be a bit of a sticky conversation and add menopause to that, and you have a difficult situation to navigate. We can empower ourselves and each other by talking openly about these challenges. Let’s advocate for supportive workplaces and homes, explore financial education resources specifically for women going through menopause, and break the cycle of economic anxiety.

Resources

Remember, you’re not alone. By taking charge of your finances and health, you can navigate menopause with confidence and financial security.

Other Help

Phoenix Wellness Coaching and Watson Health are joining forces in the Blossom Beyond Academy (www.blossombeyond.co.uk) and will be launching a new programme in the autumn – Blossom Beyond Menopause. This programme is primarily aimed at menopausal and postmenopausal women giving them practical advice and support to navigate the next stage of their lives. We will cover HRT for post menopause, keeping yourself fit and healthy for the future, and developing financial stability and independence in latter years. We will be welcoming experts in their field to share advice on how to look after your finances so you can have that magnificent midlife and beyond. For more information email contact@blossombeyond.co.uk or check out the website.