Women Prioritize Healthier Finances for Healthier Futures

Women run the world, and that world often starts with their own households.

But too frequently, that world also ends there — as women spend significantly more time on household responsibilities and caregiving, leaving less time for taking care of their own health and wellness.

That’s why PYMNTS sat down with Amy Bond, senior vice president of marketing at Synchrony, to hear her thoughts on the financial and logistical barriers that hinder women’s access to preventive healthcare services, as well as to unpack the need for effective financial solutions to alleviate these burdens.

“Finances continue to be one of the major obstacles to healthcare … that’s why offering consumers financial solutions like CareCredit is really important, as it can potentially alleviate some of these burdens on women who would otherwise forgo healthcare or postpone it while prioritizing their family’s needs above their own,” Bond said.

Working mothers, particularly single mothers, struggle to balance job responsibilities, caretaking and their personal wellness. This lack of time dedicated to personal health is a prevalent issue among many women, often due to their dual roles as employees and caregivers.

“Younger generations tend to prioritize wellness on a more significant basis just because they don’t have as much family responsibilities and, typically, they’re only caring for themselves,” said Bond.

Just 71% of moms get preventive medical care, and around one-quarter do not seek care at all for themselves, while 78% of mothers prioritize their household’s health over their own well-being.

Read more: Women’s Life Stage Priorities in Health and Wellness

PYMNTS Intelligence created the “2024 Women’s Wellness Index” in collaboration with CareCredit, to assess what factors negatively impact women’s health and how to overcome them.

The research shows that consumers are increasingly shouldering more out-of-pocket healthcare costs, which can lead to women postponing or forgoing necessary medical care. Bond emphasized that CareCredit’s health and wellness credit card aims to mitigate these financial pressures, offering women a way to manage healthcare expenses more effectively.

Women in caregiving roles, especially those in the “sandwich generation” caring for both children and elderly parents, face compounded challenges, she said, noting that the myriad challenges women face in accessing healthcare can be broadly categorized into economic, logistical and social barriers.

The COVID-19 pandemic exacerbated these issues, particularly for women. With the closure of schools, daycare centers and other facilities, many women had to increase their caregiving responsibilities, leaving even less time for their own health needs.

This period highlighted the critical role of healthcare financing solutions, said Bond.

“More and more people are bearing the responsibility of healthcare costs in general. So, it’s important for people to find responsible financial solutions to help then save for and manage for healthcare costs,” she said.

Read more: Moms Prioritize Household Healthcare Over Their Own

Employers also play a crucial role in supporting women’s health, as insufficient policies around paid family leave, affordable childcare and flexible work arrangements can exacerbate the challenges women face in accessing healthcare.

As Bond explained, measures like paid maternity leave, flexible work arrangements, and affordable childcare solutions can empower women to prioritize their health without sacrificing job security and financial stability.

PYMNTS Intelligence has found that every additional $500 spent on women’s health results in a positive effect of their overall wellbeing. Higher income brackets correlate with better health attentiveness, highlighting the role of financial stability in accessing healthcare services.

Bond also highlighted that there is a growing recognition that healthcare costs are an inevitable part of life. Against that backdrop, families may want to consider budgeting for healthcare expenses just as they do for groceries and gas. This proactive approach can help mitigate the financial impact of healthcare needs.

Still, at the end of the day, addressing the ongoing and systemic barriers to women’s health requires a multifaceted approach, including providing financial support, increasing health literacy, improving healthcare infrastructure and enacting supportive policies.

The post Women Prioritize Healthier Finances for Healthier Futures appeared first on PYMNTS.com.