Working women bear emotional and financial brunt of cost-of-living crisis
A survey amongst 1,024 UK adults in full-time employment has explored the connection between mental health and financial wellbeing.
- The majority (70%) of women say that their employer has not raised their wages in line with inflation
- 67% of women have seen their financial situation deteriorate since the beginning of 2022
- 61% of women cite their finances as their greatest source of stress, compared to 52% of men
Almost half of women are losing sleep over financial concerns, according to new research from Mintago.
The financial wellbeing platform surveyed 1,024 UK adults in full-time employment. It found that over two thirds (67%) of women have seen their financial situation deteriorate since the beginning of 2022, compared to 58% of men.
Over half (54%) of women have seen their monthly outgoings at least double since the beginning of 2022. Fewer men (45%) have experienced this.
Indeed, the majority (70%) of women say their employer has not raised their wages in line with inflation. In contrast, a third (33%) of men have received a wage increase to match inflation.
A similar proportion of men (55%) and women (54%) feel uncomfortable discussing personal issues (e.g., mental health or financial worries) with their employer.
61% of women cite their finances as their greatest source of stress, compared to 52% of men. Further, almost half (46%) of women claim to lose sleep because of financial stresses; 40% of men claim to experience this.
Most (81%) women say that they are prioritising immediate financial commitments (e.g. mortgage repayments and utility bills) over long term financial goals, with 70% cutting back on social commitments to save money. In comparison a respective 64% and 56% of men have made these claims.
Chieu Cao, CEO of Mintago said: “Unfortunately, gender financial gaps are nothing new. But it is extremely concerning to see that women seem to be suffering more than men – both emotionally and financially – throughout the cost-of-living crisis. It is therefore vital that action is taken.
“Of course, businesses must prioritise closing the gender pay gap and providing more opportunities for women to rise within their organisation. Admittedly such change will take time, steps can still be taken by employers to address this issue. Engaging in one-on-one mental health check-ups, for example, or providing financial management platforms to help them better understand and manage their financial situation, would be a step in the right direction.
“There is no quick fix to gender financial disparity, so it is vital that employers take immediate action by granting access to important financial tools to help them regain control of their finances and take positive steps to improve their future prospects, be it strengthening their pension pot or savings for a mortgage deposit. In doing so, they will contribute to improving their team’s mental and financial wellbeing, as well as beginning to help close financial gender gaps.”