A new study by MetLife Australia highlights the significant career and financial challenges faced by women experiencing menopause.
The research, involving 1,058 women and non-binary individuals aged 35 to 64, found that one-third of participants reported financial setbacks tied to menopause-related disruptions to their careers and earning capacity.
The findings revealed that 32% of those surveyed made career changes, including reducing their work hours, altering their career trajectory, or stepping back from leadership roles.
About 30% used up their leave entitlements due to menopause symptoms, while 14% left the workforce prematurely.
MetLife Australia’s chief customer and marketing officer, Lina Saliba, pointed out that the issue extends beyond individual women.
“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,” she said.
The research underscored the financial strain menopause imposes on retirement savings. Nearly half (45%) of respondents said their superannuation contributions were negatively affected, with some withdrawing funds early to cover medical expenses.
Estimates suggest that menopause-related workforce disruptions could cost up to $1.5 billion annually in lost earnings, while some women’s superannuation balances may fall by as much as $40,000.
Among those whose careers were impacted, 84% reported falling behind on retirement savings, with 36% describing the gap as significant. Additionally, 69% expressed concerns about their ability to retire comfortably, and 70% said they might need to postpone retirement plans.
To address these challenges, MetLife is introducing a pilot initiative under its 360Health program.
The service will include one-on-one consultations with female nurses to help women navigate menopause symptoms and access appropriate medical care.
The pilot program will eventually expand to all MetLife customers, complementing other 360Health services like nutritional consultations and mental health support.
Saliba said the right services could help individuals take proactive steps to manage their health and build a more secure 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,” she said.
The study also revealed gaps in workplace support for those navigating menopause.
While 59% of respondents believe employers should do more to assist employees experiencing menopause, only 20% felt their employers offered adequate support.
Additionally, 42% reported receiving little to no workplace assistance, and 30% were unsure whether such support existed at all.
The lack of workplace support shines light on mental health challenges in the insurance sector, with a 2024 survey of over 1,100 insurance professionals revealing that nearly half reported declining mental health over the past year, driven by stress and negative public perceptions of the industry.
