The rising cost of living is leaving female employees under far more financial stress than their male counterparts, research has suggested.
The survey of 1,333 UK adults by financial wellbeing platform Mintago found nearly half (48%) of female employees were feeling either ‘very’ or ‘somewhat’ stressed by the cost-of-living crisis.
By comparison, less than a third (31%) of their male colleagues said they were feeling the same way, suggesting that financial stress was more of an issue for the women polled than the men.
When asked about the factors that were contributing to their stress levels, 69% of female employees cited the rising cost of living as their top concern. Only 52% of male employees selected this.
General money worries or financial stress were the second most common source of stress for both men (48%) and women (65%), with female employees again 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%).
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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.
Separately, an analysis of Health and Safety Executive (HSE) has suggested stress levels among financial services workers reduced last year compared to their height during the pandemic.
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The analysis by employment law firm GQ|Littler argued that the number of cases of stress amongst financial services employees reported to the HSE dropped 36% from 44,000 in the first year of the pandemic to 28,000 last year.
This material drop in the number of cases suggested financial services firms have made real progress in supporting mental health, the law firm argued.
