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While planning for their long-term futures, Leila and Jack who feature in our video, are making flexible working suit life with their young families. Watch the full story below.
Flexible working can support your long-term financial future
Flexible working helps all employees navigate the balance between work and life. It covers a variety of different options including things like remote work, flexible hours, or compressed workweeks.
By offering flexible working to employees, businesses can better support parents and carers, allowing them to stay in work and save for their retirement.
In our video above, single parent Jack explains how the airline he flies for gives him the flexibility to work part-time, as well as the opportunity to increase his hours if he chooses to.
Sometimes the decision to leave work to care for a loved one is made from necessity rather than choice. And it can impact your ability to save for your future.
Our research shows that one in three UK adults could be facing a shortfall, or ‘savings gap’, of at least £50,000. The Pensions Policy institute has shown that people with caring responsibilities are one of the ‘under-pensioned’ groups at most risk, with private pension incomes significantly below the national average. This is often because they have had to move from full- to part-time employment.
Leila explains that when she became a mother it was important for her to spend as much time as possible with her daughter. She left her teaching job to become a freelance editor and relishes the time this gives her with her daughter, while recognising that she will need to work for longer to save for her retirement
Employers need to stop the stigma about career breaks
In our experience, taking care of loved ones can unfortunately leave people underemployed due to the stigma around ‘career breakers’ who’d like to return to a full-time role but can only find lower skilled, lower paid positions.
And the risk is unevenly spread. Women are much more likely than men to go part-time, or leave work entirely, to take care of family or loved ones.
We need to be able to make work, work for us throughout our longer lives. And for this, we need the support of employers and policy makers.
How Phoenix Group supports flexible working
At Phoenix Group, we’re continuing to enhance our family friendly policies. This includes:
We have seen the real value of these policies as we continue to actively retain and recruit people with caring responsibilities and urge other businesses to follow suit if they can.
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