Research from financial wellbeing platform Mintago has found a higher degree of financial stress amongst female employees in the UK compared to men.
This is predominantly due to the rising cost of living, impacting nearly one in two (48%) female employees surveyed who reported feeling ‘very’ or ‘somewhat’ stressed, while just under a third (31%) of male employees reported the same.
The top concern for the female workforce was found to be the increasing cost of living, cited by 69% of female participants, compared to only 52% of male participants. Financial concerns in general were the second most common source of stress for both genders, with a greater prevalence amongst women (65%) compared to men (48%).
Interestingly, job security was a more pronounced concern for male employees, with 24% indicating stress from this area, versus 19% of female employees.
Mintago financial wellbeing expert Rachele Carraro 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.”
Mintago CEO Chieu Cao also commented, “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.”
Keep up with all the latest FinTech news here
Copyright © 2023 FinTech Global
