Menopause, What You Need to Know to Manage Your Career and Finances

When you think of menopause or as it’s colloquially called ‘the change’, you don’t automatically associate the words ‘work’ or ‘finance’ with it, do you? However, menopause can have a detrimental effect on a woman’s career and finances. And it’s not like menopause is something you can avoid, is it? It happens to all of us women.

What is Menopause?

So, what is menopause? It is when your menstrual periods permanently end. You are menopausal once you have gone more than 12 months without a period.

When does Menopause Occur?

It’s a natural biological process that can occur in your 40’s or 50’s but the average age in the United States is 51. Source: The Mayo Clinic.

What Are The Symptoms of Menopause?

The symptoms range from physical to psychological. And it’s not a one-size-fits-all either. Some women sail through menopause. However, many suffer, a lot!

Symptoms include hot flashes, night sweats, lower energy, weight gain and pain in muscles and joints.

Per the chart below, there are also non-physical symptoms that can be equally as debilitating as the physical ones like difficulty sleeping and mood swings.

All these symptoms can have a detrimental effect on women’s work, and finances.

Women, Work and Finances

The symptoms of menopause can be very debilitating for some women and negatively impact their performance at work.

In 2023, the Chartered Institute of Personnel and Development (CIPD), UK surveyed over 2,000 women, aged 40 to 60 who are currently working in the UK.

• 73% of those surveyed experienced symptoms related to menopause transition. 
• 67% of women (aged 40 to 60 in employment) with experience of menopausal symptoms said they have had a mostly negative effect on them at work. 
• 53% experienced times when their menopausal symptoms prevented them from going to work.
• 67% said that remote and hybrid working helps them cope with menopause symptoms more easily.
• 17% have thought about leaving work due to a lack of support as they go through menopause.

According to the Fawcett Society, UK, “128,000 women, or 1 in 10 employees, working in the UK financial services sector are currently going through menopause. For almost half of employees experiencing menopause, it makes them less likely to want to progress in their role. For a quarter it is the reason they are more likely to retire early.”

To cope with their symptoms, many women reduce their hours, take less responsible and lower-paid positions, refuse to take a promotion, or leave work altogether.

Mayo Clinic Study

A study ‘Impact of Menopause Symptoms on Women in the Workplace’ done by the Mayo Clinic found that “the cost associated with lost work productivity associated with menopause symptoms in the United States is approximately $1.8 billion annually. This estimate does not include the costs related to reduced hours of work or to the loss of employment, early retirement, or changing jobs nor does it include the unpaid work women commonly perform, such as caregiving.”

The figure below shows that the most common adverse outcome for those surveyed was that they missed work days over the previous year, followed by cutting back on the hours they worked.

The same study stated that “If the potential excess direct medical expenditures related to menopause are included, another $24.8 billion can be attributed to US women aged 45 to 60 years (US 2020 census data).“

Therefore the “the total economic burden associated with menopause symptoms is conservatively $26 billion annually in the United States alone“.

To put this into perspective, the same study reports that “the US Centers for Disease Control and Prevention notes that chronic diseases and lifestyle behaviors including hypertension, diabetes, physical inactivity, smoking, and obesity reduce work productivity and cost US employers an estimated $36.4 billion in missed days of work.”

Wow! This is something that none of us can or should ignore. Women play an important part in the workplace and have a lot to contribute. By their 40s and 50s, women have gained lots of experience, skills and knowledge which they can use to add value. Employers must step up and support women in the workplace as they go through ‘the change’.

What Can Employers Do to Support Menopausal Women?

Employers can offer:

• remote or hybrid work
• flexibility in working hours
• ability to control room temperature in the office
• flexibility in clothes women are expected to wear, for example, cotton clothing or not being obliged to wear a suit to work
• access to a private area in the office where they can cool down
• menopause information and education
• health care including counselling.

Employers should also have written policies on menopause as they can:

• assist the employer in complying with the Equality Act 2010. This act protects employees from discrimination on the grounds of sex, age, and disability.
• help the employer provide support to women experiencing menopausal symptoms.
• help retain and promote talented women who may otherwise refuse a promotion, reduce their hours or leave.
• improve productivity in the workplace.
• promote inclusion and diversity.
• enhance the reputation of the employer as a great place for women to work in.

Women and Finances

The menopause can be very detrimental to a woman’s pension, savings and investments.

For example, if a woman opts to work part-time to help her cope with her menopausal symptoms, she will have less to contribute to her pension pot. Additionally, her employer will contribute less. It is even worse if she leaves work altogether.

This means that a woman may have a lower retirement income than if she continued to work full-time. This is compounded by the fact that statistically, women are expected to live longer than men thus putting further pressure on women’s pension pots.

Working part-time, and missing days which aren’t paid (e.g., if a woman is working as a contractor) means many women may not be able to build up an emergency fund.

They will also have less money to invest in an ISA or a LISA (if they are under 40).

Overall, it means many women are less financially secure, have less savings and investments and a smaller pension pot.

What Can You Do to Mitigate the Potential Financial Implications of Menopause?

• Go to a doctor and seek medical advice for your menopausal symptoms.
• Self-educate on finance, pensions and investments by reading books or blogs like Inquisitive Finance!
• If you aren’t comfortable planning your finances, you could seek the advice of a financial planner to help you plan for your financial future.
• Seek support from your employer such as flexible working, flexibility with workplace attire and access to training and educational materials on the menopause.
• Seek support from family and friends as you go through the menopause.

In Summary

I have highlighted the physical and psychological menopausal symptoms that can be debilitating for some women, leading to reduced productivity, missed work days, and potentially early retirement. 

Women suffering from menopause in work without any support costs billions in lost productivity. As discussed, this amounts to $26 billion per year in the US alone.

Some employers do provide support to menopausal women but many do not. Employers need to step up to the plate and provide support. They can do this by offering remote work, flexible hours, access to health care and information, and by providing written policies on menopause. 

We all need to be aware, sensitive to and supportive of our female colleagues who are going through the menopause.

Thanks for reading!

Are you currently working and going through the menopause? Would you like to share your experience? Do you have any questions on menopause and finance? Please comment in the Comments section below.

Also, if you know a colleague, friend or family member who is working and going through menopause, please share this blog post with them.

DISCLAIMER: Inquisitive Finance operates on principles of exchange of knowledge, ideas and opinions and learning in the community. Your decisions are entirely your own responsibility, and I am in no way responsible for your actions. I am not a financial advisor. Whilst I strive to provide accurate and up-to-date information, I make no warranties or representations as to the accuracy or completeness of this information. Use common sense, do due diligence and where necessary, use the services of a licensed financial advisor, before making any financial decision and/or transaction.