When shopping for benefits, the task of matching perks to employee interest and need is constantly evolving.
Open enrollment is a once-a-year chance to shape how employees view their jobs and level the playing field for those who may need extra help with life and productivity hurdles, like student loans.
STUDENT LOANS: WHO REALLY NEEDS STUDENT LOAN HELP?
When it comes to disparities in student loan debt, unfortunately the gender gap is one of the largest. A recent Financial Finesse report shows that women are twice as likely to be overwhelmed by financial stress than men. The report also showed that mothers age 30 to 44 with annual incomes of less than $60,000 were 9x more likely to suffer from financial stress than other employee groups.
THE STUDENT LOAN DEBT GENDER GAP BY THE NUMBERS
When you run the numbers on the student loans affect women, it’s easy to see why student loan benefits are a major opportunity to create compensation equality.
A report from The Institute for Women’s Policy showed that millennial women earn, on average, $30,000 per year. Recent federal student loan data showed the national average student loan debt was $28,950, or 96% of a millennial woman’s income.
Data from our borrower research shows that if a woman making the reported average salary has a student loan payment of $638 per month, the average for our users, an estimated 30% of a millennial woman’s income has disappeared before its time to pay for living or other expenses.
HOW COMPANIES CAN HELP | GET COMPANY-SPECIFIC DATA
According to the Department of Labor, women will officially make up the majority of the U.S. workforce by 2018. For companies who are serious about promoting financial wellness and demonstrating they care, benefits that help create compensation equality, like student loan help, are key for recruiting and retention.
To learn how student loans are affecting women in your company, contact us to get the 1-minute survey for your company today.