Female employees are more financially vulnerable in the current economic climate compared to their male counterparts, a report has found.
The Deadline to Breadline 2022 report by Legal & General found that women were “significantly closer” to the breadline than men if they lost their income, with the average salary for working women in the UK lower than that of men (23,245 compared to 31,070).
The results, based on data collected from 5,201 consumers in July 2022, found women – who spend on average 90 per day – were approximately 14 days away from the breadline, while men are 28 days away.
More than half of employees with fertility problems not getting support at work, survey finds
The study found that more than three-quarters (78 per cent) of women were also more likely to view the cost of living crisis as a “constant source of worry”, which highlighted a potential wellbeing pinch-point for employers.
Additional research from Legal & General, released in April this year, revealed that women’s pension pots were half the size of men’s (an average of 12,000 compared to 26,000).
Joeli Brealey, founder of Pregnant Then Screwed, said women were “set up to fail by policy making” and the parental leave system, and called on the government to make changes. “Women and men tend to work the same number of hours, it’s just that women do a lot more of the unpaid work – almost three times that of men,” said Brealey.
Get more HR and employment law news like this delivered...
Mississippi Attorney General Lynn Fitch announced a $384 million settlement with Abbott Laboratories over allegations the company defrauded government health programs by selling infant formula and...