Cost of living crisis affecting women more than men, survey finds

Over two-thirds of women have seen their financial situation deteriorate during this year’s cost-of-living crisis, higher than the rate for men, according to a new survey.

The study found that 67% of women have seen their financial situation worsen since the beginning of 2022, compared to 58% of men. Mintago, a financial wellbeing platform, surveyed 1,024 UK adults in full-time employment for its study.

This year’s cost-of-living crisis, driven by rises in energy and food prices, is pushing up basic household expenses and putting many families under huge strain. UK inflation hit 9.4% in June, the highest rate for 40 years, and the central bank forecasts that it will keep climbing until October. 

Over half of women (54%) said that their monthly outgoings had at least doubled since the beginning of this year, the Mintago survey found, versus only 45% of men. In addition, 61% of women cited their finances as their greatest source of stress, compared to 52% of men. 

Women are disproportionately affected by the cost-of-living crisis because they earn less than men on average, and they are more likely to have jobs that pay less than the living wage, research by the Living Wage Foundation has found. Women are also more likely to manage daily household costs, such as groceries and children’s items, which often puts the stress of rising costs onto their shoulders.

“Unfortunately, gender financial gaps are nothing new. But it is extremely concerning to see that women seem to be suffering more than men – both emotionally and financially – throughout the cost-of-living crisis. It is therefore vital that action is taken,” Chieu Cao, CEO of Mintago, said in a statement.

Cao said that employers could help their staff by providing one-on-one mental health check-ups and access to financial management platforms. He added that employers should also focus on longer-term solutions such as closing gender pay gaps and providing more opportunities for women to rise within their organisation.

Household energy bills could hit £355 per month on average next January, the consultancy Cornwall Insight said on Tuesday. However, the energy regulator Ofgem warned that it was difficult to make forecasts for next year at this stage.

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