When it comes to money matters, women are worrying more than men – and are also feeling less well served by the finance industry.
Recent research by workplace loan providers Neyber, The DNA of Financial Wellbeing 2018, surveyed over 10,000 UK employees and found that 66% of women are worried about their finances, compared to 59% of men.
A total of 35% of women said that they suffer from financial-related stress compared to 25% of men, and 29% are losing sleep as a result of money worries (23% of men said they lost sleep about this too).
Women are worrying more, but are also saving less. Forty four percent of men said that they pay into a workplace pension, but only 35% of women do so.
The gender gap doesn’t end with pension savings. Findings from The Orbium Wealth Management C-Level Survey 2018 showed that 78% of top private bank and wealth management executives believe that the needs of very wealthy women are not being met by advisers. The report also found that sixty-seven percent of high net worth women say that they are misunderstood by the investment industry.
What does it mean for business?
Making sure that the women in your company are taking care of their financial wellbeing is essential, no matter what their monetary and personal circumstances. Women are still more likely than men to work part-time or take time out of work for caring commitments. At Brunsdon we believe lifelong financial planning is very important, irrespective of gender or net worth and we are specialists in providing workplace financial education. Talk to your Brunsdon Financial Adviser to find out how you can best help everyone within your workforce explore their current and long-term financial needs.
Sources:
https://blog.neyber.co.uk/posts/women-and-the-money-worry-pay-gap
https://orbium.com/pressrelease/the-wealth-management-industry-is-under-siege-yet-optimism-reigns/
https://orbium.com/private-bankings-five-new-tribes-2/
Please note that this article does not constitute specific advice. Brunsdon is not responsible for the content of third party web sites.
