The Know Daily - Tuesday 14 January 2025

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A sponge made from cotton and squid bones could clear some of the world’s microplastic pollution. Researchers from the University of Wuhan and Guangxi University in China said the sponge’s low cost and simple production would allow it to be scaled up for widespread use.

🏡 The gender housing gap

Economic factors and societal expectations are making it harder for women to get on the housing ladder. Mortgage advice platform Meet Margo is campaigning to change that. 

What’s the gender housing gap?
The fact that it’s much harder for women to own a home compared with men. While the cost-of-living crunch means home ownership has become increasingly unaffordable across the board, the odds are stacked even higher against women. A recent study from the Women’s Budget Group found that no area in England is considered affordable for single women to rent or buy. On average, it takes women 5.3 years longer to buy their first home compared with men.

What’s behind the gap?
The gender pay gap is a key factor, said Claire Towe, who co-founded Meet Margo in 2022 to provide women with accessible and empowering mortgage advice. With UK women earning 11.3% less than men on average, they’re left with less to save and reduced borrowing power. On top of that, women are more likely to take career breaks or work fewer hours due to caregiving responsibilities. 

Nationally, house prices are 11 times women’s salaries compared to 8 times for men. In London, this figure rises to 16 times for women versus 13 for men.

What else is going on?
Despite women facing the unique financial hurdles of “lower salaries, career breaks and societal expectations”, there’s long been a “serious gap” in the advice that they’re getting, said Towe.

This lack of tailored advice can leave women feeling less confident when it comes to housebuying. The data already shows that 21% of women feel uncertain about their financial decisions compared to just 12% of men.

So what’s the solution?
As long as the Gender Pay Gap exists, so will the Gender Housing Gap, with PwC predicting it could take 45 years to close the gap in the UK. While the government has promised action, women can’t afford to wait that long.

In the meantime, women need support that truly understands their unique challenges. First-of-its-kind mortgage platform Meet Margo aims to demystify the mortgage process by providing tailored, fee-free advice as well as the tools to help you remortgage. Here’s to empowering more women to achieve their homeownership dreams. 🏡

Check out Meet Margo here.

📝 AI growth: PM Keir Starmer has announced an AI action plan, in an effort to "deliver national renewal” and “boost living standards”. 

• The bigger story: The government’s goal is to make the UK a world leader in artificial intelligence – here’s a breakdown of the proposal’s key points.

🏢 In-person work: Bank JPMorgan Chase has become the latest company to require employees to return to the office 5 days a week.

📵 No phone zone: A new law in Brazil will restrict the use of smartphones in elementary and high schools.

🚀 Cancelled takeoff: Blue Origin – Jeff Bezos’s rocket company – called off its debut launch due to technical issues.

🎭 Creativity showcase: Bradford’s City of Culture celebrations are in full swing – here are 5 events to look out for. 

🤣 Haha house: The world’s first museum dedicated to laughter is now open.

🥪 Grab and go: This is the UK’s favourite Tesco meal deal combo – featuring a surprise snack pick.

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Trivia answer: B) China is developing speedy “floating” trains – here’s what we know so far.

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