Women in today’s workforce face a unique financial balancing act — protecting their families from unexpected expenses while striving to save for retirement. Recent research from The Standard reveals that women are more likely than men to prioritize shielding household finances from surprise costs, such as medical emergencies or sudden loss of income. Yet, this focus on immediate security often comes at the expense of long-term retirement planning, leaving many women feeling less confident about their financial futures.
The study highlights a significant gap between the benefits women value and those they actually receive through their employers. While most women recognize the importance of health, dental and vision insurance — and often have access to these — there’s a striking disparity when it comes to voluntary benefits like disability insurance, accident coverage and retirement plans. For example, although 58% of women say they value critical illness insurance, only 10% report having access to this coverage. Similar gaps exist for other protective benefits, such as cancer insurance and emergency savings accounts. These missing pieces can make it harder for women to save for retirement, as immediate financial concerns — paying off debt, covering medical bills and making ends meet — take precedence.
The research suggests that organizations willing to go beyond the basics — providing options like disability coverage and voluntary insurance — will not only support women’s financial well-being but also strengthen retention, morale and leadership development. Meeting women where they are, with benefits that reflect their real-world needs, is key to building a more engaged and resilient workforce.