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Sign upFostering financial empowerment for women at CBRE
News / 18.11.2024
This article has been contributed to Real Estate Balance by Jileen Loo - Senior Director at CBRE and Co-Chair of its Women’s Network.
CBRE’s UK Women’s Network has been delivering a programme of valuable financial education for our professionals over the last two years.
The idea for this initiative emerged when I observed growing insecurity in the workplace due to the escalating cost of living crisis. This was particularly evident among early career professionals who, upon the expiration of their rental agreements, had to move back in with their parents because they couldn’t find affordable new accommodations. While this move itself wasn’t necessarily negative, it led to increased absenteeism as these professionals sought to save on transportation costs. What began as one-on-one support on good money habits for a few colleagues quickly grew into a broader topic of interest, with many more seeking access to this information, leading to it being a popular series as one of the initiatives the Women’s Network drives.
Based on our surveys, most of our network members would continue working even if finances were not an issue. Work provides a sense of accomplishment and fosters a community that creates a feeling of belonging and satisfaction. Conversely, financial problems, lack of financial awareness, or poor financial planning can lead to stress. Personal stress can spill over into our professional lives. Therefore, it is crucial to discuss these issues in the workplace, as we can only perform at our best when all areas of our lives are in harmony.
As part of the recent National Inclusion Week and CBRE’s Global Inclusion Week, we invited speaker Abigail Foster, founder of Elent, to run a panel session with representatives from our apprenticeship programme. The discussion addressed essential topics such as budgeting, savings, and investments - particularly relevant for those entering the workforce.
Research indicates that many individuals learn about financial matters within their families, yet in the UK, 50% of households do not engage in open discussions about finances. This gap hampers future generations’ understanding of sound financial practices. The aim of our session was to encourage families to initiate conversations about finances and empower participants to take proactive steps toward a more secure financial future.
Notably, young women face additional challenges due to the persistent gender pay gap. According to Legal & General, the disparity in pension savings starts at 16% but can double by the time women reach their 40s. By their 50s, the gap may widen to 51%, and upon retirement, women could have, on average, 55% less in pension savings than their male counterparts. Given that women generally have longer lifespans, this discrepancy is particularly concerning.
Our latest session focused on early career professionals, many of whom are already burdened by substantial student debt, averaging approximately £40,000 in the UK. Statistics from the ONS reveal that male graduates repay an estimated £57,000 over 20 years, while female graduates, earning less, repay around £62,000 over 26 years. This scenario highlights the inequity faced by women with respect to earnings and debt repayment.
CBRE UK’s Women’s Network and Family Network are dedicated to shedding light on these critical issues. We believe that the journey to financial empowerment begins with knowledge sharing. Together, we want to work towards a future where confidence in financial matters is accessible to all.