The cost of menopause on careers and retirement plans

04 November 2026

• 50% of women facing perimenopause or menopause say their career has suffered as a result of this life stage 
• A third (30%) of women say it's had a negative effect on their day-to-day finances, and 29% say it has directly influenced their retirement savings  
• A year-long career break could cost a woman experiencing menopause up to £2,600 in missed pension contributions.

Half of women (50%) managing perimenopause or menopause symptoms would like more support at work according to the latest Scottish Widows’ Women and Retirement Report, to be published next week. 

Seven in 10 (70%) women aged 45-54 are experiencing perimenopause or menopause symptoms. For half (50%) of these women, it affects their working life - with almost a fifth (17%) forced to take time away from work to manage symptoms.  

Scottish Widows found that not only can perimenopause or menopause have repercussions on women’s health and wellbeing, it can also hit at a critical point in a woman's working life, with consequences that stretch far beyond the workplace and into their long-term financial security.

Menopause hits women’s working lives 

Despite often being at the peak of their earnings and careers, more than one in five 21% are away from work for a year and half (50%) are left to manage the impact with no workplace support. One in eight (13%) women have reduced their working hours and 10% have turned down a promotion or career progression opportunity, because of menopause. 

To help employers address this and protect women's earning potential and narrow the gender pension gap, Scottish Widows is recommending a five-stage approach:  

• Create a menopause-friendly culture: In addition to encouraging open conversations about menopause at work, it’s crucial employers have the right policies and resources in place. Employers with over 250 employees will be required to have a policy in place from April next year. Policies could include measures such as menopause leave or evaluating workplace adjustments to foster a more inclusive workplace. 
• Offer specialised healthcare: When reviewing private health insurance options, employers should factor in providers which offer cover for menopause specifically. 
• Work with experts: Partnering with charities or schemes that support menopause awareness and research can give you access to relevant resources and tools for employees.  
• Consider training: Offering training to managers and employees means that everyone has the information and tools needed to help manage conversations in the workplace. 
• Centralise guidance: Having all information about menopause policies, resources, and support in one place can make guidance easier to access. Employers may also want to consider building an employee-led community to encourage further conversation and help break the stigma around menopause symptoms.

The gender health gap 

Whilst health issues can affect everyone, women are more likely to disproportionately develop conditions beyond menopause, such as Polycystic Ovary Syndrome (PCOS), thyroid conditions or osteoporosis.  

62% of women reported living with a health condition in comparison to just 40% of men, and a similar gap is recorded as both men and women get older. Over half (51%) of women aged 35-44 are experiencing a health condition, with this climbing to 82% of women aged 45-54. In contrast, under a third (29%) of men aged 35-44 say they are experiencing a health condition, with this growing to 45% for men aged 45-54.

The financial fallout 

Nearly a third (30%) say perimenopause or menopause has a negative effect on their day-to-day finances, and 29% say it has directly influenced their retirement savings.  

Data modelling from Scottish Widows¹ found that a 50-year-old woman in full-time work taking a six-month unpaid break could cost her £1,300 in pension contributions. This would mean her pension pot at age 65 would be around £1,800 smaller in today’s terms. 

If this break is extended to a year, it would equate to £2,600 in missed contributions and a £3,500 smaller overall retirement pot in today’s terms.  

In response to the gap, two-thirds (66%) of women believe the law should require employers to provide better support to women experiencing perimenopause or menopause symptoms, including financial support. 

Scottish Widows Retirement Expert Susan Hope said: “Perimenopause or menopause often coincides with what should be the peak earnings potential of a woman’s career. When symptoms force women to reduce their hours, step back from promotion opportunities, or leave work entirely, the ripple effect on their pension pots is huge. Alongside the challenges that women already face when building wealth, perimenopause and menopause can compound the gender pension gap.   

“We can’t allow menopause to remain an unaddressed barrier that widens the gender pension gap. Employers have a vital role to play in creating supportive environments that help women remain in work, protect their income and secure their long-term financial well-being.  

“To help people understand the effects of career breaks, at any point in their working lives, we’ve developed a Career Break modeller feature in our app. It can help people, their partners and loved ones understand the actual cost of a career break and work to minimise the consequences, with actions like topping up pensions.”

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About Scottish Widows

Founded in 1815, Scottish Widows is part of Lloyds Banking Group, the UK’s largest digital bank and financial services group. With £300bn in total assets under administration and more than 6.5 million customers, Scottish Widows’ award-winning product range includes workplace and individual pensions, annuities, life cover, critical illness and income protection, as well as savings and investment products.

Scottish Widows has more than 1.75m digitally registered customers. The Scottish Widows Platform is trusted by financial advisers as the home for the pension and investment assets of more than 170k clients.