Pensions and savings: Interactive Investor expert gives her advice
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Rosie Johns, an account manager at a PR and marketing agency in Cardiff encouraged women to seek higher pay to secure their future. Ms Johns successfully asked for a pay rise twice, and also negotiated a higher salary when accepting a role.
She exclusively told Express.co.uk: “I’ve been in the marketing industry for a few years now, and before that I worked in book publishing – which is an industry fairly notorious for rubbish pay.
“So, I guess that was one of the factors for me that made me put off asking for a pay rise.
“But I think a lot of people, myself included, have imposter syndrome. We may not feel like we have enough experience for a pay rise.
“After being there for a while, I did ask for a pay rise and I was pleasantly surprised when I got it.
“That was really the first step for me. It was the best thing I did.”
The gender pay rise gap is another issue women must confront in their lifetime, new research has highlighted.
Modelling has suggested women’s pension saving could be £142,603 less than men’s when they retire, according to Fidelity International.
This is as a direct result of women receiving fewer and lower pay rises over the course of their career.
To redress the balance, more women are deciding to be proactive in requesting pay rises.
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Men typically receive an average of £733 more than women for each pay rise they are granted.
While most women have heard of gender pay and gender pension gaps, the gender pay rise gap may be less familiar – but still have a huge impact.
The disparity between men and women was also touched upon by Ms Johns, who said: “It can be difficult for women to get the courage to ask for a pay rise, especially in male dominated industries.
“It isn’t something that has affected me hugely, but on a personal level it was about getting the courage to ask in the first place.
“Finding out male colleagues are being paid more for the same work is difficult, and can be a motivator.”
But how can women summon the courage to ask for a pay rise? According to Ms Johns, the process does not have to be as nerve-wracking as some would think.
She added: “If you’re in a position where you’ve been at a company for a while and your skills have grown, then I absolutely think it is appropriate to ask for a realistic pay rise.
“Even if this is in rise with inflation, don’t be afraid of asking. You need to know your worth as a valuable asset to your company.
“The first thing was to take a real hard look at myself with all the aspects and skills I have grown.
“If you establish you are giving more to the company, taking on more responsibility, then in that case you can start.
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“I would advise broaching the conversation with a manager you trust, and taking it from there.”
Ms Johns stressed the huge impact a pay rise has made to her life.
She encouraged others to seek a pay rise where appropriate in order to secure their future.
Ms Johns added: “Every little helps, and I definitely feel more confident for the future, and my retirement.
“It has made a huge difference to my life, especially with the cost of living going up. I budget £50 per week for my food shop, so even if I increased my salary by £50 per week, that really helps.”
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