Female employees most likely to be suffering from financial stress

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Joanne Swann
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The rising cost of living is creating far more financial stress for female employees than their male counterparts, new research from Mintago has found. 

The financial wellbeing platform surveyed a nationally representative sample of 1,333 UK adults in full- or part-time work. It found that almost one in two (48%) female employees are either ‘very’ or ‘somewhat’ stressed, while less than a third (31%) of male employees said the same.

When asked about the factors that were contributing to their stress levels, 69% of female employees cited the rising cost of living is their top concern. Only 52% of male employees selected this. General money or financial worries were the second most common source of stress for both men (48%) and women (65%), with again female employees far more likely to have this playing on their minds.

Further down the list of stress factors, however, the survey found that men (24%) were more stressed about their job security than women (19%). Rachele Carraro, financial wellbeing expert at Mintago, said:

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.

Rachele Carraro, financial wellbeing expert at Mintago

In Mintago’s research, UK employees were asked to select the factors that were potentially contributing to their stress in the current climate.

Here are the top ten:

Which of the below factors contribute to your stress? All Male Female
Rising cost of living 62% 53% 69%
Money and finances 58% 48% 65%
Work pressures 45% 41% 48%
My own health and fitness 33% 37% 47%
Family issues 32% 24% 37%
Future planning 27% 21% 32%
The health of my friends and family 27% 26% 27%
My appearance 25% 17% 29%
Job security 21% 24% 19%
Romantic relationships 20% 21% 19%

 

Chieu Cao, CEO of Mintago, commented on the results: 

Employers cannot underestimate the impact of money worries on their employees’ wellbeing. So, they should take action to ensure their entire workforce are 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.

Chieu Cao, CEO of Mintago

 

Joanne Swann, Content Manager, WorkWellPro
Editor at Workplace Wellbeing Professional | Website |  + posts

Joanne is the editor for Workplace Wellbeing Professional and has a keen interest in promoting the safety and wellbeing of the global workforce. After earning a bachelor's degree in English literature and media studies, she taught English in China and Vietnam for two years. Before joining Work Well Pro, Joanne worked as a marketing coordinator for luxury property, where her responsibilities included blog writing, photography, and video creation.

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