Austerity’s gender bias
Austerity UK is unsurprisingly giving women a harder time than men. Close to 80% of British females say they are making financial sacrifices, compared to 69% of males, while 46% of women versus 38% of men say they have less than £50 in their bank accounts at the end of each month, according to the latest Austerity Index report from JWT. So, only 28% of females think the British economy is in recovery, against 41% of men.
Did someone mention recovery? Well, Brits are still three times more likely to be making efforts to restrict expenditure than not, and more than twice as many are struggling to save than are finding it easy.
But, back to the gender issue. Women’s lower wages, cuts to benefits and the increased cost of living are exerting strong pressures on personal finances. And men have an average
of £7,730 in bank accounts, pensions, ISAs, investments and savings, while women hold a mere £2,000.
Plus, products targeted at women are more expensive than identical products for men, the report points out. “And this doesn’t even include extra items which women have to buy purely because of their gender, such as bras, sanitary products, etc. No, we’re talking bathrobes, disposable razors and moisturisers, all costing more simply because they are branded as being ‘for women’.”