Recent findings unveil a significant financial imbalance within workplaces, accentuating gender discrepancies.
- The research indicates that women experience greater financial vulnerability compared to their male counterparts.
- Findings reveal women report higher levels of anxiety related to personal financial stability.
- Significant inequities are identified in retirement affordability and long-term goal attainment between genders.
- An urgent need for financial education and support in workplaces is underscored, particularly for women.
Recent findings shine a light on financial imbalances prevalent within the workplace, particularly affecting women more so than their male colleagues. Women are demonstrated to be more financially vulnerable, with an overall financial well-being score that lags behind men’s, standing at 54 compared to 60.
The survey reveals a higher incidence of financial dissatisfaction among women, with 32% of women expressing unhappiness with their financial state against 25% of men. The percentage of women worried about finances is also higher at 42% compared to men’s 32%. These worries translate into anxiety for over half of the women surveyed (52%), surpassing the 36% noted among men.
Women exhibit increased distress in managing day-to-day finances. The concern about escalating mortgage or rental costs is pronounced, with 40% of women worried compared to 27% of men. Additionally, 46% of women fear an inability to cover daily living expenses, a stark contrast to 30% of men. A significant one-third of women (31%) express concerns over financial coping mechanisms in the event of illness, compared to 20% of men.
In terms of long-term financial goals, women appear to be at a disadvantage. Nearly half (42%) fear an inability to retire comfortably, a much higher proportion than the 29% of men. Furthermore, 35% of women struggle to save for future objectives, compared to 21% of men, with a similar percentage feeling financially ill-prepared for unforeseen expenses.
Long-term savings confidence shows divergence between genders. While both genders express similar confidence levels in short-term savings goals, medium- to long-term goals reveal a gap, as 26% of women lack confidence compared to 19% of men. Concerns about retirement capabilities are markedly higher among women at 48%, compared to just 31% of men.
A significant portion of the survey points to a lack of awareness and knowledge among women regarding tax allowances and reliefs, such as Marriage Allowance or ISA Allowance, with over half (56%) unaware of how to exploit these opportunities. This signals an apparent necessity for increased financial education and advice within workplaces. One-third of women express a desire for financial advice, which they believe would enhance their financial health. Notably, benefits like mortgage advice and employee shopping discount schemes are seen as potential areas for improvement, reflecting a demand that employers are yet to fully meet.
Closing the gender gap in financial well-being within workplaces requires targeted educational and supportive measures.
