How COVID-19 Impacted Women’s Money in America
The effects of COVID-19 have been felt mentally and physically by people around the world and with continuous lockdown threats looming, planning for the future has become even more challenging. The loss of employment created a financial toll that is tough for everyone to cope with, especially women. According to the National Women’s Law Center, women in the United States of America, women make up 64% of the 40 lowest-paying industries which include child-care workers, waitresses, cashiers, housekeepers, and home healthcare workers. Many of these jobs are essential and on average pay significantly less than $12 USD per hour. Can you imagine earning an unlivable wage and working your tail off to support yourself? With women already having less secure jobs, and many being mothers, it’s no surprise that they are being affected more.
Aside from losing their jobs, many women have chosen to leave partially due to high levels of anxiety and many women made the decision to leave the workforce due to the closure of childcare centers. Mothers were once again faced with trying to figure out how to balance 3 full-time jobs: caregiver, teacher, and their actual careers. This transition shed light on mental health challenges which existed previously and also became a priority for women to manage and cope with while struggling to balance all three roles.
While we’re on the topic of mental health and selfcare, let’s talk about investing. Historically, men have been involved in the stock market more so than women. The pandemic did push some females to learn about the stock market, but not at the rate that men chose to learn. According to Forbes, 14% of men are investing in the stock market more due to the pandemic, as opposed to 7% of women. One of the biggest reasons being that women felt too intimidated to break into the male-dominated field or they frankly did not want to deal with the chauvinism in the workplace. This creates a larger gender wealth gap as women are already earning and investing less or not at all.
Let’s be real though, even before COVID-19 rocked the world, women were dealt the short end of the stick. If you need financial guidance or are looking for financial transformation, I am here for you! At Women, Wealth & Worth, we are on a mission to ensure all women (no matter their income, net worth, life stage or level of financial education) achieve financial confidence and command their true worth. And we can help change your relationship with money for the better. Let’s get you on the path to financial success today!