Are Your Workers Stressed?

Fidelity’s 2024 Women’s History Month Study, released annually at the start of Women’s History Month, finds stress levels remain consistently high among women no matter their total household income. 

If you’re looking for a way to help the women in your workplace better deal with financial stress, Fidelity’s research identifies three financial behaviors to help women of all ages and income levels reduce financial stress: saving for emergencies, saving for retirement and thinking ahead.

1. Set aside some for emergencies:  

The report claims that financial stress levels drastically decrease with each additional month of emergency savings set aside. More than 4-in-5 women (81%) with no emergency savings feel a fair amount or a lot of stress – but once women save three months’ worth of emergency savings, only 1-in-4 women (26%) report high-stress levels.

2. Set aside something for retirement:

Nearly 3-in-5 women (59%) who save up to 2% of their household income for retirement feel a fair amount or a lot of stress.  But Fidelity found that the more you save, the less stressed women are.  In fact, once they are able to save between 10 and 14%, only about 3-in-10 women (32%) indicate similar stress levels.

3. Thinking Ahead: 

That’s right – just taking the time to outline financial goals and needs for the next few months can lead to less financial stress, according to the survey.  More than 7-in-10 (73%) women who only think ahead a few days feel a fair amount or a lot of stress. Once women plan for a few months ahead, that number drops down to less than 4-in-10 (38%).

Next Steps

Those in your workplace may not be able to do all of these things to relieve financial stress – but if they take steps toward even one, it could make a big difference in how they not only “feel” – but how better prepared they will be for their futures.

That’s Wella’s Way!