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Female employees more financially vulnerable than men in cost of living crisis

Female employees are more financially vulnerable in the current economic climate compared to their male counterparts, a report has found.

The Deadline to Breadline 2022 report by Legal & General found that women were “significantly closer” to the breadline than men if they lost their income, with the average salary for working women in the UK lower than that of men (£23,245 compared to £31,070).

The results, based on data collected from 5,201 consumers in July 2022, found women – who spend on average £90 per day – were approximately 14 days away from the breadline, while men are 28 days away.

However, Gemma Bullivant, HR coach and consultant, said the results were “frustrating” as they ignore the “fundamental issue” of the gender pay gap and its role in making women financially vulnerable. “We know the cost of living crisis is hitting those on lower incomes much harder, [because of] a lack of surplus income to accommodate the increased costs,” she said. “We know from national gender pay gap analysis that the main reason for the pay gap is that women occupy a larger proportion of lower-paid roles.”

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