Sunday, May 19, 2024

The Cost-Of-Living Crisis Is Tough On Female Employees Both Emotionally And Financially

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A survey of UK employees found the following points:

The majority of female workers feel their employers have not increased their pay following inflation (70%)

Since the start of 2022, 67% of women have suffered a decline in their financial condition.

Compared to 52% of men, 61% of women say that their most significant source of stress is money.

New research from Mintago indicates that nearly half of women have trouble sleeping due to financial worries.

The financial wellbeing platform polled 1,024 UK people with full-time jobs. In contrast to 58% of males, it was shown that more than two-thirds (67%) of women had seen a decline in their financial condition since the start of 2022.

Since the start of2022, the monthly outgoings of more than half(54%) of women have increased by at least twofold. Men (45%) have had less experience with this.

Most women (70%) claim that their company has not increased their pay to keep up with inflation. Contrarily, a third (33%) of males have seen their wages rise to keep up with inflation.

Men (55%) and women (54%) share the same discomfort when talking to their employer about personal matters, such as their mental health or financial concerns.

Compared to 52% of men, 61% of women say their money is what stresses them out the most. Additionally, 40% of men and nearly half (46%) women report losing sleep due to financial stress.

To conserve money, most women (81%) said they prioritise short-term financial obligations over long-term ones, such as paying off debt and utility bills. In comparison, 70% have scaled back on social commitments.

In contrast, 64% and 56% of males have stated these things.

“Unfortunately, gender financial discrepancies are nothing new,” said Chieu Cao, CEO of Mintago. But it is deeply troubling to note that during the cost-of-living crisis, women appear to be experiencing more emotional and financial hardship than males.  Therefore, action must be taken. 

Businesses must prioritise reducing the gender wage gap and giving more women opportunities to advance within their organisations. Although such change will indeed take some time, companies can still take action to solve this problem. 

A step in the right direction would be to conduct one-on-one mental health examinations or offer financial management platforms to assist individuals in better understanding and managing their financial circumstances.

Financial well-being specialist at Mintago Rachele Carraro stated: “Women have historically been at a disadvantage, so it is unsurprising that we are facing the brunt of the cost-of-living crisis. Of course, the main reason for this is the gender wage gap, which is at 7.9%. 

However, the reality is that the current crisis reflects the increasing financial load that women confront in the workplace as well as in society, with inflation, electricity costs, and fuel prices at record highs.

In the past, women were often expected to handle more of the household’s caregiving duties. In reality, according to recent studies, women spend 70 more minutes each day cleaning the house than men, and they frequently manage the household budget. 

With this in mind, many women may better understand their financial situation, likely leading to increased financial stress.

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