Wellness is a multidimensional aspect of life, encompassing mental, financial, workplace, social, family, and physical well-being. However, a striking gender gap persists across all these dimensions, with women consistently scoring lower than men in overall wellness.

According to data shared by the ICICI Lombard Wellness Index Report 2024, there has been a consistent gender gap across all wellness dimensions, with women scoring lower than men.

Women score 66 on the overall wellness index as compared to 73 for men. Similarly, mental, financial, workplace, social, family, and physical wellness women consistently scored lower than men.

• Mental Wellness: Women score 63 while men score 72
• Financial Wellness: Women score 57 while men score 66
• Workplace Wellness: Women score 56 while men score 65
• Social Wellness: Women score 59 while men score 66
• Family Wellness: Women score 67 while men score 70
• Physical Wellness: Women score 71 while men score 77

 These gaps highlight structural and societal barriers that hinder women's overall well-being, creating long-term disparities in health, career progression, and financial independence.

Declining mental health support for women 

Among women corporate employees, there's a concerning downward trend in mental wellness support compared to 2023. The data unveils that awareness of stress-coping mechanisms and achieving mental well-being has declined by 14% compared to 2023.

Access to mental health support systems, including counseling, support groups, helplines, and doctors, has decreased by 12% compared to 2023.

 Financial Wellness Challenges 

The gap is not just limited to mental wellness—financial wellness for women has also declined compared to 2023, making economic security an increasing challenge. Among women insurance and investment-driven financial well-being has declined by 10%, while access to health-related financial information has been reduced by 8%. This trend is consistent across both general corporate employees and millennials

 New Age Investment Behavior 

Women are actively exploring new-age investment opportunities, but their motivations and barriers differ significantly from their male counterparts.

Women's approach to new-age investments (crypto, ESG mutual funds, international equity, NFTs, InvITs, and equity crowdfunding) shows distinct patterns.

 What Drives Women’s Investment Choices?

• Long-term returns (46% of women)
• Wealth multiplication (45% of women)
•  Secondary Motivations:
• Children's future (43% of women)
• Lifestyle improvement (42% of women)
• Additional income (41% of women)
• Higher returns vs traditional investments (41% of women)
• Family & friends' recommendations (41% of women)

Key Barriers Holding Women Back from Investing

Despite interest in crypto, ESG mutual funds, international equity, NFTs, InvITs, and equity crowdfunding, women face multiple challenges in embracing new-age investments:

• High risk perception (45% of women)
• Lack of sector knowledge (43% of women)
• Financial advisors' cautionary advice (41% of women)
• Insufficient capital (39% of women)
• Distrust in new-age investments (38% of women)

This indicates a trust and knowledge gap in financial markets, making women more cautious and hesitant to invest in riskier asset classes.

The wellness and financial gaps between men and women are not just statistics—they represent real-life challenges that impact health, career growth, financial independence, and overall quality of life. By recognising these disparities and implementing inclusive policies, businesses and financial institutions can create an environment where women thrive—not just survive.