Millions of working women face financial insecurity, according to new research conducted by the Living Wage Foundation and the Fawcett Society for International Women’s Day.
A poll of women earning below the real Living Wage, conducted by Survation, found that of working women paid less than the real Living Wage of £10.20 an hour in London, and £8.75 outside of London (a quarter of all working women):
- A third (33% or 1.12 million women) have no savings at all, including pensions
- Nearly half (43%) have less than £100 saved, too little to cover a financial emergency
- If they were to lose their job
– 61% have savings for a month or less
– 33% have savings for less than a week
- If their bills were to increase:
– 49% would cut down on food
– 41% would cut down on heating
- 39% have more than £500 of debt, while 31% have more than £1,000 of debt
- Over a quarter (25.1%) are spending more than £100 servicing debt each month.
- 94% worry about their financial situation
- 66% do not see their financial situation improving within a year
Another recent report, Low Pay in the Charity Sector, also by the Living Wage Foundation, found that 30.4% of females in the charity sector earn less than the Living Wage, compared to 21% of males.
Overall, it found that more than a quarter of charity workers are not paid enough to live off.