How The Pandemic Is Pushing Women To Take Charge of Their Own FinancesNov 06, 2020
It’s probably been said a million times already, but I believe I need to say it again here at the outset.
“The world might never be the same again thanks to 2020.”
The global spread of the coronavirus earlier in the year demonstrated just how uncertain life really is. Yes, death can meet anyone at any time whether or not there’s a pandemic in your area. But there’s a lot more you need to be prepared for.
As the planet went into lockdown, we all became painfully aware of our vulnerabilities. The seemingly simple but crucial things can no longer be taken for granted. Going forward, alternative options to secure our futures will be needed to hedge against unexpected occurrences like COVID-19. This applies to all areas, especially health, money, power, or overall well-being.
For working women, this means a whole lot of responsibility to tread carefully. We know that they have borne the brunt of the pandemic. If you can relate to this, now is the time for you to take the bull by the horns.
What has the pandemic done to the lives of (working) women?
The virus might be gender-neutral. However, the same can’t be said of the ensuing economic fallout. Experts have been rightly referring to the current economic crisis as a “she-cession.” During the first round of layoffs in March and April this year, female professionals in the US accounted for 54% of the job losses. This is despite making up nearly half (49%) of the total workforce before COVID-19.
Women have clearly got the short end of the stick. Jobs have been lost at a significantly higher pace for women in all sectors compared to their male counterparts. On the other hand, rehiring has been somewhat slow which means that the recovery will also be sluggish in the coming months.
Moreover, productivity has tumbled. A considerable increase in household work and lack of availability of childcare are two major factors in this regard. The result is a serious threat to career trajectories and the precious gains achieved in the fight for equal pay.
The Ravages of “She-Cession”
A report by McKinsey & Company indicated that jobs occupied by women are 1.8 times more vulnerable in the current scenario compared to those held by men.
Data from the National Women’s Law Center indicates that 61% of job cuts in retail were attributed to women. Even as they made up 48% of total staff in the sector, female employees fared worse than their male counterparts when the time came to downsize. The story was no different in the health and education services domain.
Interestingly, family-related engagements and household work have increased for both genders since the enforcement of lockdowns. But, here again, the greater burden has fallen on the women, especially with regard to care provision. On average, females are now spending as much as 5 extra hours a day (compared to what they used to do before the pandemic) tending to household matters.
Be it single working women or those with partners, both have taken bigger hits due to COVID-19. Existing inequalities between men and women have been magnified and, for a lot of the working female population, the damage will be felt for quite a while. That’s enough reason to learn to be financially savvy. And you need to do it NOW!
Why do women need to gain financial knowledge?
For starters, financial awareness is absolutely crucial in any part of the time, and especially during a crisis when there is little time to react. Other than that, being independent with their finances can give women a much-needed cushion against an unexpected situation in the future. Since the pandemic is as uncertain as it gets, and might persist for a while, it’s best to be ready for the worst.
The situation is grave for those who have relied on their partners for a long for all types of financial management. Now is the time to learn it all yourself. By continuing to leave long-term money decisions to the men in your life, you leave yourselves exposed to long-term dependency on others for your own survival.
If there’s one thing we all need to learn from this pandemic, it’s that there are ABSOLUTELY NO certainties in life. What if your partner got sick tomorrow? How will you suddenly get on top of money matters? Are you aware of the important paperwork and bank account details?
These are vital considerations in a world where you don’t know what tomorrow might bring. Hence, you can no longer afford to turn a blind eye towards the money that you earn and deserve to keep. Discuss it with your partners if you need to. Take charge of personal finance management, budget routines, saving plans, and household finances.
History has shown that women are better planners anyway, so why not put this skill to use when it is most needed. My advice is to view the pandemic as an opportunity instead of a calamity and to prepare for rainy days. Learn about financial planning in detail, take a course, or talk to an expert. Review mortgage plans, as well as car/life/health insurance plans as these, make up the largest parts of your monthly expenses for long periods.
Don’t wait to mend financial habits, and seek help in order to develop a positive money attitude. Don’t even hold yourself back if you are not good with numbers because it doesn’t take a genius to figure out basic money matters. My Financial Fitness program is designed along these very lines: to help women like you take control of their financial destiny. So, feel free to reach out whenever you need, and talk about your current situation.
If you’re still unsure about the direction your financial literacy is supposed to take, I want you to know that it’s never too late. Reach out to me today and get started on the road to financial independence.
Schedule a time here at your convenience and we’ll talk!
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