MetLife Australia is a launching a pilot program offering personalised support to women experiencing menopause symptoms to help them stay in the workforce, following research which found menopause is significantly impacting women’s careers and therefore their longer-term financial outlook.
The insurer’s research found that one in three women are financially worse off due to menopause affecting their career, employment and earning capacity.
“The findings of MetLife’s research on menopause, also showed that 70% of women have reduced their participation in social activities to manage their financial situation.”
It says that in an expansion of 360Health, its health and wellbeing program, customers can access a 1:1 consultation with a nurse to get support on perimenopause and menopause symptom identification, guidance on how to manage symptoms and advice on how to access appropriate medical help.
“Following the pilot, the program will be launched to all customers and will complement existing 360Health services such as nutrition consultations and Mental Health Assist. The suite of 360Health services is available to MetLife customers and their families, including parents, partner and children, at no additional cost.”
The company surveyed 1,058 women and non-binary individuals, aged between 35 to 64 years, to understand how menopause is impacting their mental, physical and financial health.
It says the research was one of the largest studies undertaken by an Australian life insurer on those experiencing menopause.
“A quarter of women report menopause symptoms impacting their emotional, mental and physical health, with 50% being forced to make lifestyle changes, such as adjustments to diet, exercise and sleep habits, to manage symptoms.”
…32% have had to alter their career, such as reducing their working hours, changing their career path or stepping down from leadership positions…
The research also found that menopause is significantly impacting women’s careers and therefore their longer-term financial outlook.
Of those surveyed:
- 32% have had to alter their career, such as reducing their working hours, changing their career path or stepping down from leadership positions
- 30% have used up their leave balance including annual leave due to menopause symptoms
- In the most extreme cases, 14% have left the workforce early due to menopause
MetLife Australia Chief Customer & Marketing Officer Lina Saliba says menopause is not just a women’s issue.
“With women having to make tough career decisions, such as retiring early, menopause is impacting their financial situation now and into the future, meaning that families, workplaces, and society are all affected by menopause, due to the reduced economic and social contribution of women.”
MetLife says women experiencing menopause say their superannuation has been negatively impacted (45%), either due to reduced contributions or in the worst cases, withdrawing super to cover medical expenses.
…It is estimated that up to $1.5bn is lost in earnings due to time off work due to menopause…
“It is estimated that up to $1.5bn is lost in earnings due to time off work due to menopause and women’s superannuation balances are reduced by up to $40,000, which contributes to the ongoing financial gap between men and women.”
Saliba says the insurer knows that with the right service offering people can take control of their health to build a more confident future.
“We want to make sure women get the support they need, when they need it, so they can enjoy a long and successful career. Early retirement should be a happy lifestyle choice, and not a way to manage menopause symptoms.”
Further findings from the research include:
- 59% believe that employers should do more to support women that are going through menopause whilst working
- Only 20% believe that their employer is showing them support
- 42% say they receive little to no support at all in the workplace and 30% don’t know if there is support available at work
- Of those who say their career, employment and earnings capacity had been impacted, 84% are behind on retirement savings (36% ‘significantly’ behind), 69% not confident about retirement and 70% say they need to delay their retirement
