Cost of living crisis disproportionately effecting women, report finds

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The monthly outgoings of more than half, 54 per cent, have at least doubled since the beginning of 2022, researchers found. Compared with 58 per cent of men, 67 per cent say their financial situation has worsened this year.

Money worries are so stressful, almost half are losing sleep, the study of 1,024 workers by finance site Mintago said. More women work in sectors such as retail and hospitality, which have been badly hit as customers tighten their belts.

Sixty-one per cent say lack of cash is their greatest source of stress, compared with 52 per cent of men. Seventy per cent say they have not had a cost-of-living inflation pay rise this year, but a third of male colleagues have.

Mintago’s founder and chief executive, Chieu Cao, said: “Gender financial gaps are nothing new, but it’s extremely concerning that women seem to be suffering more than men, both emotionally and financially.

“Businesses must prioritise closing the gender pay gap and provide more opportunities for women to rise within their organisation.”

The survey found 81 per cent of women were prioritising immediate financial commitments such as mortgage payments or utility bills over long-term goals like pension saving.

However, only 64 per cent of men said the same. And while 70 per cent of women are economising by not going out with friends, just 56 per cent of men make the same sacrifices.

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