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Employers can help the women who work for them cope with the physical, mental and financial challenges that many face. “Employers that invest in solutions that meet women where they are and who foster an empathetic environment can have a profound effect on women’s overall wellbeing,” according to a new report from the Guardian Life Insurance Co.

Although nearly 7 in 10 women identify as the primary financial decisionmaker in their household, the report found that just 26% of women report good financial health. When asked to name their top sources of stress, five of the top six responses were related to finances, including money and finances (54%); cost of living (53%), paying off debt (36%); saving for retirement (36%); and housing costs (35%). Additionally, since 2016, women have consistently reported lower financial wellness than men.

Financial challenges are particularly pronounced for women who are caregivers and single mothers. Fifty-five percent of single mothers and 44% of women caregivers rate their financial health as fair or poor, compared to 38% of women overall.

“Financial stress has an outsized impact on overall wellbeing,” said Erin Culek, head of financial protection and retirement solutions at Guardian. “While both men and women are subject to stress, turmoil and uncertainty, the data show that the impact is more profound for women.”

The most common employer-provided benefits cited by respondents are employee assistance program, 54%; behavioral and mental health programs separate from EAP, 46%; supportive culture and benefits for working moms, 33%; and support for employees with caregiving responsibilities for ailing relatives, 25%.

The report suggested five steps women can take to help improve their overall wellbeing:

  • Talk it out. Talking openly about personal health goals, money, long-term planning and retirement with partners, family and friends is not just empowering -- it’s essential.
  • Get professional guidance to set goals. Connecting with a financial professional can help women frame their financial goals to reflect the life they want.
  • Grow financial confidence. Taking small, manageable steps, such as setting a budget, asking questions and starting a savings habit. can make a meaningful difference.
  • Learn to lean on others. Whether it’s talking to a manager about more flexible work arrangements during a challenging time, taking a coworker up on an offer to help, asking a spouse to share the load at home or simply saying “I need a break,” women deserve to be heard and supported.
  • Make sure their to-do list includes themselves. Prioritizing health matters. That means keeping on top of medical checkups and health screenings — not just making appointments for everyone else. It also means doing things to help unwind.

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