Contribution to Financial Advisor Magazine by Michelle Connell
In the last year, women’s professional and economic situations have been shattered due to the pandemic. In the past few months, the situation has deteriorated further. I recently had the opportunity to contribute to an article on this topic published in Financial Advisor magazine. The article takes a look at the impacts the pandemic has had on women, specifically in regards to employment and finances.
The National Women’s Law Center revealed that “863,000 women left the labor force in December and only 27,000 returned.” More employment statistics from the U.S. Bureau of Labor and Statistics report 140,000 net jobs lost in December 2020. “That was bad enough but a closer analysis by the National Women’s Law Center revealed that with women losing 156,000 jobs and men gaining 16,000, women essential accounted for all the jobs lost.”
Also reported by the NWLC, in December, “the government sector lost 45,000 jobs, with women accounting for 91 percent of those losses.”
It’s no secret that women have left the workforce in vast numbers during the pandemic, either through job loss (non-voluntary) or making the decision on their own to leave the workforce. Women are the caregivers of families-not only of their children but also of older relatives.
When daycare centers and schools closed, women who depended on those facilities for childcare lacked other options. While some women and families may have found help from relatives, many lost their jobs or were forced to scale back to accommodate their responsibilities at home.
When other roles such as in-home educator and or medical coordinator were added to women’s daily duties, they reached their breaking point.
Read the full article in Financial Advisor to learn how this phenomenon has not only affected women’s level of wealth, but also their investment mindset and the quality of their future retirements.