Women are saving £960 less a year than men, leaving women feeling more anxious than their counterparts.
The survey by financial wellbeing app RiseUp, found the cost-of-living crisis has had an unequal impact amongst men and women, with women experiencing extreme highs and lows more keenly during the payday cycle.
It showed that women are saving on average each month £263.90, £80 less than men save (£343.67).
The research also revealed that two weeks after payday, only 31 per cent of women feel relaxed compared to 42 per cent of men, with women more likely than men to have their cash flow impacted by rising rent or mortgage costs (31 per cent) compared to men (24 per cent).
Towards the end of the month 64 per cent of women are anxious, stressed, or worried about money compared to 43 per cent of men.
The research also revealed that women are more likely to find that financial issues impact their relationship (39 per cent) compared to men (26 per cent).
They are also more likely to find that financial issues affect their eating habits (49 per cent), compared to men (31 per cent).
Tamara Harel-Cohen, co-founder of RiseUp said it was “no surprise” that women were facing the brunt of the cost-of-living crisis.
“What is often missed from this conversation, however, is that this gender savings gap doesn’t just affect their finances but also other areas of their lives.
"It fuels higher levels of anxiety, frustration, relationship strain, and health. We started RiseUp to help combat the hidden impact of financial stress and help women build a better relationship with their money.
“But, the change needed is bigger than RiseUp. As women, we need to be transparent and open about our money with each other.
"Talk to your friends about your salary, how you're saving money and any money struggles or questions you might have. There is no such thing as a stupid question. Let’s use our power as women to close this gap,” she added.
alina.khan@ft.com
