The cost of living crisis appears to be weighing more heavily on female employees than their male peers, according to research from Mintago.
The financial wellbeing platform surveyed 1,333 UK adults in full or part-time work and 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 adding to their stress levels, 69% of female employees cited the rising cost of living as their top concern. Just over half 52% of male employees agreed.
General money or financial worries were the second most common source of stress for both men (48%) and women (65%), with female employees once more far more likely to have these concerns playing on their minds.
The survey found that men (24%) were more stressed about their job security than women (19%).
The top stress factors ran as follows:
Which of the below factors contribute to your stress?
Rising cost of living
All 62%
Male 53%
Female 69%
Money and finances
All 58%
Male 48%
Female 65%
Work pressures
All 45%
Male 41%
Female 48%
My own health and fitness
All 33%
Male 37%
Female 47%
Family issues
All 32%
Male 24%
Female 37%
Future planning
All 27%
Male 21%
Female 32%
The health of my friends and family
All 27%
Male 26%
Female 27%
My appearance
All 25%
Male 17%
Female 29%
Job security
All 21%
Male 24%
Female 19%
Romantic relationships
All 20%
Male 21%
Female 19%
Rachele Carraro, financial wellbeing expert at Mintago, said: “These startling figures demonstrate just 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,” she added.
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 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,” he added.