Marvin OnumonuWomen are 1.4 times more likely to be financially vulnerable than men, with 43% of women affected compared to 30% of men, according to the Employee Financial Stress Index, launched by Hymans Robertson Personal Wealth.
Gen X workers, aged 45 to 54, reported the highest financial vulnerability at 40%.
Baby Boomers were found to be the most financially resilient, with only 27% reporting financial stress.
Millennials and Gen Z sat in the middle, with 37% and 35% respectively.
Julie Hammerton, managing partner at Hymans Robertson Personal Wealth, said: “It’s widely recognised that financial stress isn’t just an issue for employees, but also for their employers, as it can lead to absenteeism and reduced productivity.
“This research provides clear evidence, though, that financial stress isn’t spread evenly across the workforce.
“Different groups may need more support than others from their employers to help them cope with financial pressures.”
Hammerton added: “It’s no surprise that women are more financially stressed than men.
“Women are more likely to take time out of work, earn less over their careers and are more likely to carry the burden of unpaid care. It all adds up, and it shows up in our data.
“There is no doubt that women face structural disadvantages that limit their ability to build financial security.
“The finding that 40% of Gen X are financially vulnerable builds on research we did last year which showed that 35% of people in this age group were suffering from poor mental health due to concerns about their future retirement finances.”
She said: “That research showed that more than a quarter in this generation were losing sleep over whether they would have enough money in the future.
“It’s not surprising this group is feeling vulnerable. It’s the generation that’s been squeezed on retirement savings, as most were born too late to benefit from generous DB pension schemes but born too early to fully benefit from autoenrollment.
“They’re also often juggling financial responsibilities for both children and parents.”
On what employers can do, Hammerton said there is a need to focus support on those groups most at risk.
She noted that employers take a range of approaches, such as running tailored educational programmes or offering targeted coaching.
Hammerton pointed out that sessions on closing the gender savings gap or providing midlife financial health checks, similar to physical health checks, are just some examples.
She said when employers provide this kind of support and help people take action, stress often reduces and employees tend to be happier and more productive at work.
She added: “Employers often prioritise mental and physical wellbeing when it comes to their wellbeing strategies.
“Worrying about finances can often be the root cause of stress. Increasingly employers recognise this.
“The key, though, is understanding that support ideally shouldn’t be ‘one-size-fits-all’.
“When you understand who’s under pressure, and why, you can actually design support that works.”
