J. Walter Thompson London
Austerity Index Q3 2014: Mind the Gender Gap / J. Walter Thompson Europe
According to the latest Austerity Index – J. Walter Thompson’s in-depth quarterly research that analyses the impact of the economic adversity in the UK – women feel more affected by the UK government’s austerity measures than men.
Our new study shows that although women are employing more money-saving tactics than men, females are still more likely to report having to restrict spending and are experiencing difficulty saving.
One in four British women feel “weary” about their financial situations, compared to fewer than one in five men.
Our findings come just as the dust settles on George Osborne’s Autumn Statement, in which he announced that the national deficit would not be cleared until 2018-9. The Office for Budget Responsibility has also voiced fears that household debt will spiral over the next five years as a result of rising credit.
Marie Stafford, Planning Foresight Director at JWT London, says: “Women are the savvier shoppers. Our data shows that they are doing more to trim their costs and make their money go further; they told us they spend less on necessities each week, yet they still struggle more than men. Women have been more severely affected by UK austerity measures in every way: the impact of slashed child and welfare benefits is compounded by the gender pay gap. The fact that cuts will continue for at least the next five years will be a concern to women all over Britain.”
The Q3 2014 report also looks at the nation’s food shopping and eating habits for a view on how British consumers are portioning their household budgets today.