Female employees are suffering greater financial stress as a result of the cost-of-living crisis than their male counterparts, new research from Mintago has found.
In a survey of 1,333 UK adults in full or part time work, almost half (48%) of female employees feel ‘very’ or ‘somewhat’ stressed compared to just 31% of male employees.
More than two thirds (69%) of female employees cited the rising costs of living as their top concern, while only 52% of male employees said the same. General money or financial worries were the second most common source of stress for both men and women, although women were far more likely to be affected than men (65% versus 48%).
However, the research found men (24%) to be more stressed about job security than women (19%).
Rachele Carraro, financial wellbeing expert at Mintago, said the figures demonstrate how “vital” it is that employers engage with their employees with regard to their finances and wellbeing, particularly those who face societal disadvantages.
“Without taking the time to create an open dialogue with employees and ensure robust financial wellbeing support is in place, injustices like gender inequality risk slipping through the cracks. The longer this additional financial burden upon women continues without recourse, the more profound the issue will become.”
Chieu Cao, CEO of Mintago, added: “The gender pay gap is common knowledge, and our new research underlines the impact this has on people’s wellbeing, with women far more stressed than men during the cost-of-living crisis. Inflation remains sky-high, so money worries will not dissipate any time soon.
“Employers cannot underestimate the impact of money worries on their employees’ wellbeing. So, they should take action to ensure their entire workforce is getting the support they need. This means giving staff the tools – such as financial education, interactive pension dashboards or access to financial advisers – they need to navigate what continues to be an extremely challenging economic climate.”
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