A new survey has uncovered a growing disparity in overall wellbeing amongst Irish women in employment compared to men, triggered primarily by escalating financial stress. Lockton People Solutions, an advisory firm specialising in employee benefits, reported that during the past year, their wellbeing had regressed. These findings were based on responses from over 725 representatives from various companies across the Republic.
Moreover, the survey pointed out that women feel their individual needs and overall wellbeing aren’t adequately catered for. The report highlighted that the percentage of women expressing this sentiment, at 27 percent, was higher than the 19 percent reported by men. Disturbingly, dual the number of females compared to males experienced a deterioration in their wellbeing due to increased financial stress. This upheaval, according to Tom Curran, Lockton’s head of wellbeing, could precipitate psychological health issues.
However, a semblance of positivity could be gleaned from the survey, which showed that a quarter of the overall workforce felt an uplift in their wellbeing since the previous year. Remarkably, this improvement was mostly reported by the younger demographic, specifically those within the 18 to 34 year cohort when compared to those over 55 years old.
Despite these positive signs, only 20 percent of those surveyed felt their employer fully supported them, while only 57 percent felt they have moderate support.
Mr. Curran asserts that employers cannot ignore the fact that one in five of their workforce has experienced a decline in wellbeing, particularly amongst women. Employers need to recognise and address the ongoing pressures employees face, both inside and outside of the workplace. Furthermore, he noted the low engagement of employers in providing support for financial education.
A recent iVox study conducted for SD Worx, a HR tech company, backed up these findings, suggesting that current worries about financial wellbeing and cost-of-living difficulties are heavy burdens for employed individuals in the Republic. The study found that almost 50 percent of the surveyed 1,000 workers are experiencing financial stress, while one-third feel unsupported by their organisation in this area.