Covid 19’s Disproportionate Impact on the Financial Health of Women

Throughout the course of the pandemic in 2020, women lost a million more jobs than men, causing them to experience the setback of not being able to pay themselves the retirement contributions they and their employers would have made during that time. Dwindling their savings as they were unemployed, and also sidetracked in most cases of caring for their children who would otherwise be in school.

Let’s rewind to December of 2020: women lost 156,000 jobs while men gained 16,000, according to the US Bureau of Labor Statistics (BLS). Why are the numbers so skewed? Sectors that took the largest hit have been those primarily occupied by females, such as education, hospitality, and retail, an outlook that only continued to decline as lock-downs swept the country. Additionally, a good portion of women who stayed employed had to balance the challenges of raising a family and are commonly forced to work part-time involuntarily due to child-care needs, causing them to feel stretched thin among work, child-care, and home.

So, what’s the solution? It’s been almost two years and we say, “we can’t wait for things to get back to normal” But, what if instead of ‘normal,’ we strive for something even better? Is working from home a new norm? Perhaps that could be one place to begin rethinking how we can strive for not only a ‘new normal,’ but the best version of it as possible. In large part, it’s cohesive with most lines of work. For others, they will need to return to work in person, and having the flexibility to work from home when their kids are sick or other life events happen has to be baked into the employment market moving forward. An opportunity to unite and support Moms, Caretakers, and the sick will be a new normal that is balanced, creative, and resilient. Employees need to stay savvy, keep up with the industry standards, and improve their own offers and abilities to stay competitive? Women are dynamic, as Moms, we can multitask (we have to) in order to accomplish the daily tasks of juggling it all, we ask for our God-given desires to be respected, be Moms, Daughters, and wives but also be the boss babes we were designed to be.

Important Disclosures: The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. The economic forecasts set forth in this material may not develop as predicted and there can be no guarantee that the strategies promoted will be successful. This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks including possible loss of principal. This material was prepared by LPL Financial. Securities and advisory services offered through LPL Financial (LPL), a registered investment advisor and broker- dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. To the extent you are receiving investment advice from a separately registered independent investment advisor that is not an LPL Financial affiliate, please note LPL Financial makes no representation with respect to such entity.