Women encounter escalating monetary pressures and bodily strains

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Women face unique financial challenges that have a significant impact on their overall well-being, according to a study by the Guardian Life Insurance Company of America. The study highlights the need for targeted financial solutions to address these challenges.

Erin Culek, Head of Financial Protection & Retirement Solutions at the Guardian, stated that financial stress is a major contributor to overall well-being. The study reveals a gender gap in financial health, with only 29% of women saying they manage their finances well, compared to 37% of men.

This financial stress is exacerbated by several interconnected factors, including women's higher likelihood of being primary caregivers or single mothers, living paycheck to paycheck, and facing persistent challenges with debt, retirement savings, and housing costs.

The study also shows a gender gap in emotional and physical health, with 33% of women rating themselves as doing well in those areas, compared to 43% of men. A mere 11% of women say they are taking excellent care of their mental health.

Working with a financial professional can help improve women’s financial confidence by providing guidance on building emergency funds, managing debt, and planning for retirement. This professional support helps women create a clearer financial roadmap, empowering them to make informed decisions that enhance both their financial health and broader well-being goals.

The study found that financial challenges affect nearly every aspect of women's lives, including their well-being, financial management, and health. Single mothers and caregivers experience the highest levels of financial distress and the lowest wellness ratings.

Financial stress is the leading barrier to achieving well-being goals, impacting mental and physical health. The study indicates that 54% of women point to money and finances as a primary source of stress.

Despite 69% of women serving as their household's primary financial decision-makers, only 26% describe their financial health as good. Forty-four percent of female caregivers rate their financial health as fair or poor, also higher than the average among all women. Over half (55%) of single mothers rate their financial health as fair or poor, significantly higher than the 38% average among all women.

The survey found that other top stressors for women, such as cost of living, paying off debt, and saving for retirement, suggest a broader financial struggle affecting nearly every facet of women's lives. Eighty-four percent of women consider work-life balance essential to their well-being, but achieving it is increasingly challenging due to financial burdens and caregiving responsibilities.

The study suggests that improving financial confidence can support women in their pursuit of their physical and mental well-being goals. Only 26% of women feel they get adequate exercise, and only one-third rate their physical health as good. Working with a financial professional can help address these issues and improve women's overall well-being.

References:

[1] Guardian Life Insurance Company of America. (2021). Women's Well-being Index. Retrieved from https://www.guardianlife.com/about-us/corporate-responsibility/womens-well-being-index

[2] Culek, E. (2021). Financial stress and women's well-being: A call to action. Retrieved from https://www.forbes.com/sites/forbestechcouncil/2021/03/02/financial-stress-and-womens-wellbeing-a-call-to-action/?sh=7a58620b7c6d

[3] American Psychological Association. (2019). Stress in America: The State of Our Nation. Retrieved from https://www.apa.org/news/press/releases/stress/2019/report.aspx

[4] Consumer Federation of America. (2020). Women and Money: The Financial Health of Women in America. Retrieved from https://www.consumerfed.org/wp-content/uploads/2020/04/Women-and-Money-Report-2020.pdf

The study by the Guardian Life Insurance Company of America emphasizes the significance of women's unique financial challenges on their overall health and well-being.
The gap in financial health between men and women is evident, with fewer women reporting effective financial management, as revealed in the study.
Mental health is among the areas where women struggle, as only 11% of them rate their mental health as excellent, according to the study.
The financial health of single mothers and caregivers is often rated as fair or poor, and they experience the highest levels of financial distress, as the study indicates.