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

Monthly spending by more than half, 54%, has at least doubled since the start of 2022, researchers have found. Compared to 58% of men, 67% say their financial situation has deteriorated this year.

Money worries are so stressful that nearly half of them lose sleep, according to the study of 1,024 workers by financial site Mintago. More and more women are working in sectors such as retail and hospitality, which have been hit hard by belt-tightening customers.

Sixty-one percent say lack of money is their biggest source of stress, compared to 52 percent of men. Seventy percent say they haven’t had a pay rise linked to cost-of-living inflation this year, but a third of male colleagues have.

Mintago Founder and CEO Chieu Cao said, “Financial gender gaps are nothing new, but it is extremely concerning that women seem to suffer more than men, both emotionally and financially.

“Companies must prioritize closing the gender pay gap and providing more opportunities for women to grow within their organization.”

The survey found that 81% of women prioritized immediate financial commitments such as mortgage payments or utility bills over long-term goals like retirement savings.

However, only 64% of men said the same. And while 70% of women save money by not going out with friends, only 56% of men make the same sacrifices.

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