Just under half (49%) of working women are now classed as financially vulnerable, compared to 35% of men, according to analysis by the financial wellbeing firm Hymans Robertson Personal Wealth. The research investigated the financial wellbeing of the UK workforce, lifting the lid on how frequently they have stressful feelings about their finances and where employers could offer support.
Continuing to look at the differences between men and women, the research further revealed that more than two in five women (42%) say they often, or always, feel stressed about their financial situation, compared with 29% of men. Women are also more than twice as likely (17%) to say they always feel financially stressed compared to men (8%).
When it comes to support from their employers, almost a third (29%) of women say they want workplace support in the form of discount schemes, and just over a quarter would like access to hardship funds and loans (26%) through their employer. Comparing this to those who say they want debt advice (14%), or education and information tools (11%), it points to a workforce very focused on immediate spending.
These findings underline the importance of employers understanding the different groups that make-up their workforce. Support should be relevant, easy to access and designed to cover a mix of needs, be they immediate or longer-term, says the financial wellbeing firm.
Commenting on the findings, Steve Butler, Head of Corporate, Hymans Robertson Personal Wealth, said: “These findings should concern employers. Almost half of working women are classed as financially vulnerable, and more than two in five say they often or always feel stressed about their financial situation. The gap between women and men shows why a one-size-fits-all approach will not work. Employers need to understand the different pressures across their workforce and design financial wellbeing support that employees can access in ways that work for them.
“It’s important that employees are supported to engage with both their immediate and longer-term financial wellbeing. The demand for discount schemes, hardship funds and loans suggests that many women are focused on immediate spending pressures. However, support should also help people look ahead, make more informed financial decisions, and build greater confidence in their financial future.
“When it comes to financial hardship right now, employers won’t be able to solve all their employees’ problems, but ensuring that practical help with debt advice, education and information tools can improve engagement and give employees clearer routes to support. A well-designed approach will help increase employee uptake and for them to take positive steps with their finances.”
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