Cost of living: female employees 'far more' stressed by rising bills than male peers

The rising cost of living is creating far more financial stress for female than male employees, with employers being urged to give all staff relevant support to help stop gender inequality “slipping through the cracks”, according to a new study.

Financial wellbeing platform Mintago has found that 48 per cent of female employees are either “very” or “somewhat” stressed, but fewer than a third of their male peers said the same.

The survey of 1,333 UK adults in full- or part-time work also revealed how 69 per cent of women, ahead of 52 per cent of men, cited the rising cost of living as their top concern when asked about the factors contributing to their stress levels.

General money or financial worries were the second most common source of stress for both females (65 per cent) and males (48 per cent), although men were more stressed about their job security (at nearly a quarter) than women (just under a fifth).

Rachele Carraro, financial wellbeing expert at Mintago, which says it helps employers attract and retain employees with a financial wellbeing offering, 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.”

Additionally, Mintago chief executive Chieu Cao said: “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.”