Occupational status is a key component of identity and self-worth for men. But little research has been done on the influence of working status on women, particularly during life cycle transitions or periods of crisis. To examine the impact of employment status on the self-esteem, psychological well-being and physical health of women at mid-life, 206 employed women and 183 homemakers were compared on a number of scales of well-being. Results indicated that working women at mid-life had higher self-esteem and less psychological anxiety than homemakers. Working women also reported better physical health. The findings suggest that work may be a stabilizing force for women during critical transitions throughout the life cycle. (Author/JAC)