Cost of living crisis disproportionately affects women, report finds | Personal Finance | Finance

The monthly outgoings of more than half, 54 percent, have at least doubled since the beginning of 2022, researchers found. Compared with 58 percent of men, 67 percent 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 percent say lack of cash is their greatest source of stress, compared with 52 percent of men. Seventy percent 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 prioritize closing the gender pay gap and provide more opportunities for women to rise within their organization.”

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

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

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