Women are 40% more likely than men to feel financial vulnerable, according to new research from Telus Health.
According to the research, more than half of workers are worried about meeting day to day expenses while two thirds lack confidence in their financial future. One-third of employees say finances or economic conditions are their primary sources of personal stress.
The study highlights differences by age, parenthood and savings showing that 30% of people without children are more likely than parents to feel confidence about covering costs but parents are 70% more likely to reduce their spending than non-parents.
It also shows that workers under 40 are 80 percent more likely to reduce their spending than workers over 50. Meanwhile, employees without emergency savings are almost three times more likely to have significantly reduced spending than those with a financial buffer.
The study suggests that rising financial pressures are changing spending habits with 25% cutting back on savings and investments. Elsewhere, around 70% of employees have cut back on dining out, 55% on clothing and personal items, 53% cut back on entertainment and 41% on holidays while 36% cut back on food shopping and 33% on home improvements.
Additionally, nearly one in five have reduced spending on health and wellbeing with women and parents more likely to make these changes.
According to Telus Health global leader and senior vice-president of research and total wellbeing Paula Allen, that building up the financial resilience of the UK’s workforce is critical. She says it’s essential for broader wellbeing and economic growth and ultimately when workers are stressing about money, it impacts everything from their work duties to their sleep.
