In the United States, the disparity in financial wellness between men and women is on the rise, as revealed in a recent report. While 53% of men report good financial wellness, only 36% of women share the same sentiment, underscoring the need for addressing gender equity in financial wellbeing.
Insights from the Financial Wellness Workplace Benefits Report
Taking Proactive Steps
Six in 10 workers are proactively limiting current expenses, reflecting a growing awareness of the importance of financial management. Many employees are actively paying down debt (43%) and adding to emergency funds (41%) to bolster their financial security.
Job Loyalty and Pay Equity
Despite economic uncertainties, job loyalty remains high, with 70% of employees intending to stay in their current positions. However, pay equity emerges as a powerful recruitment tool, with employers addressing pay equity initiatives experiencing higher success in attracting top talent.
Retirement Health Care Expenses
There exists a potential disconnect between retirement health care expenses and employees’ perceptions. While research indicates substantial retirement health care costs, only a small percentage of employees accurately estimate these expenses, highlighting the need for greater awareness and planning.
Insights into Financial Wellness Trends
Support for Caregivers
While a significant percentage of employers offer support to caregivers, there’s a disconnect as many caregivers remain unaware of available support services. This highlights the importance of bridging the gap between employer offerings and employee awareness.
Prioritising Retirement Savings
American workers are beginning to re-prioritise long-term retirement savings, with an increasing number making it their top financial goal. This shift underscores a growing recognition of the importance of long-term financial planning.
Debt Assistance and Wellness Reimbursements
Employers are exploring innovative ways to support employees, with offerings such as debt assistance and wellness reimbursements gaining traction. The emergence of Lifestyle Spending Accounts (LSAs) reflects a growing emphasis on holistic employee wellbeing and financial security.
The findings from the Workplace Benefits Report shed light on the evolving landscape of financial wellness in the workplace. As organisations strive to address the widening gender gap and promote employee wellbeing, initiatives focused on education, support, and empowerment will be crucial in fostering greater financial inclusion and security for all employees.
Ways to Improve the Financial Wellness Gender Gap
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Gender Pay Equity Initiatives:
Implement and enforce pay equity initiatives to ensure equal pay for equal work. This can help bridge the gender gap in financial wellness by providing women with fair compensation for their contributions.
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Financial Education and Empowerment:
Offer financial education and empowerment programmes specifically tailored to women in the workplace. Provide resources and support to help women improve their financial literacy, manage debt effectively, and plan for long-term financial goals.
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Flexible Work Arrangements:
Implement flexible work arrangements, such as remote work options or flexible hours, to accommodate the diverse needs of employees, including working caregivers. This can help alleviate the burden on those who often bear a disproportionate share of caregiving responsibilities.
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Caregiver Support Services:
Increase awareness and access to caregiver support services within the workplace. Provide resources and assistance to employees balancing work and caregiving responsibilities, including information on available benefits and support networks.
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Wellness Reimbursement Programmes:
Expand wellness reimbursement programmes to include a broader range of expenses that support women’s holistic wellbeing. Consider offering reimbursements for expenses related to childcare, mental health support, and financial planning services.
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Leadership Development and Mentorship:
Invest in leadership development and mentorship programmes to support the career advancement of women within the organisation. Provide opportunities for women to develop essential leadership skills, access mentorship from senior leaders, and build networks that can help them advance professionally.
By implementing these strategies, organisations can take proactive steps to address the gender gap in financial wellness and create a more equitable and supportive workplace for all employees.
How Can Wellity Support Your Organisation?
Delve into Wellity Global’s financial wellbeing training topics, including…
- Budgeting Breakthroughs for a Better Tomorrow
- Climbing the Property Ladder in a Crisis
- Eat Well, Spend Less
- Financial Insomnia and Investing in Sleep
- Managing Yor Money in a Changing World
- Men, Money and Mindset
- Money Mastery: Shaping Your Future Finances
- Money on My Mind: Dealing with Financial Anxiety
- Navigating Redundancy: Financial Empowerment in Uncertain Times
- Young Minds and Money: Building Financial Literacy in Children
Book a meeting with our team to discuss these topics in more detail, at hello@wellityglobal.com.
