The following are the 12 reasons why employers should focus on financial wellness for women employees as a priority:
- Gender pay gap: Women tend to earn less than men, which can make it harder for them to save for retirement and other financial goals.
- Career interruptions: Women are more likely to take time off work to care for children or elderly relatives, which can impact their earning potential and retirement savings.
- Longevity: Women tend to live longer than men, which means they may need more savings to support themselves in retirement.
- Health care costs: Women often have higher health care costs, which can put a strain on their finances.
- Lower participation in retirement plans: Women are less likely to participate in retirement plans, which can impact their long-term financial security.
- Higher student loan debt: Women are more likely to have student loan debt, which can impact their ability to save for retirement and other financial goals.
- Single-parent households: Women are more likely to be the primary breadwinner in single-parent households, which can put a strain on their finances.
- Fewer years in workforce: Due to the career interruptions, women tend to have fewer years in the workforce, which can impact their earning potential and retirement savings.
- Lack of financial literacy: Women tend to have less financial literacy than men, which can make it harder for them to make informed financial decisions.
- Confidence gap: Women tend to be less confident about their financial knowledge and decision making, which can impact their financial well-being.
- Societal expectations: Societal expectation often puts pressure on women to prioritize care-taking over career progression, which can negatively impact their financial well-being
- Greater economic insecurity: Women are more likely to experience poverty and economic insecurity, which can make it harder for them to save for retirement and other financial goals. By prioritizing financial wellness for women employees, employers can help mitigate these challenges and support the financial security of their female employees.
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