Almost half of female employees (45%) say they now feel a greater level of financial anxiety than before the pandemic, compared to 38% of men, research has shown, suggesting targeted financial wellbeing approaches could pay dividends for employers.
The research by asset management firm Close Brothers also found that three in five women (59%) either had already or now planned to make changes to their financial preparedness.
Managing day-to day spending more effectively (73%) and building up an emergency pot (65%) were their key priorities.
However, less positively, female employees were often focusing on shoring up their immediate finances at the expense of their longer-term saving, risking a further widening of the pension gap, Close Brothers argued.
The survey of 2,000 employees, ‘Expecting the unexpected: a spotlight on preparing for a crisis’, concluded that nearly a quarter of female employees (24%) felt financially unprepared for the coronavirus crisis and subsequent lockdowns. This compared to 14% of men.
Just 28% of women said they had not experienced any financial consequences from the pandemic, against 37% of men who said they had been untouched financially.
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The findings also showed a significant disparity regarding financial, mental, and physical health. More than two in five of the women polled (44%) said they worried more about their financial health as a result of the pandemic compared to a third (34%) of men.
More than half (56%) also worried about their mental health, versus 45% of men, and half were concerned about their physical health, again higher than the 40% of men.
Jeanette Makings, head of financial education at Close Brothers said: “Building financial resilience isn’t just about the short term but must include later-life financial planning too.
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“It can be tough to balance competing financial priorities, let alone know the best saving vehicles to use, but this is where employers can help.
“They are perfectly placed to procure holistic, comprehensive, and impactful financial education programmes for their employees. These in turn will enable better financial outcomes for their employees, as well as reducing anxiety caused by ongoing money worries,” she added.
