Women suffering more financial hardship than men from Covid as earnings crisis forces many to cut back on retirement plans, says report
- Women are 1.8 times more likely to lose their jobs as companies cut staff
- Six in ten revealed financial setbacks resulted in changes to retirement plans
- Women put in 156 more hours than men a month to support and care for family
Women have suffered more with their careers, finances and mental health during the Covid-19 pandemic than men, forcing them to tighten budgets and change their retirement plans.
The gender divide has also widened and progress made in the workplace has been set back by as much as 30 years, according to research from The WealthiHer Network.
The report from WealthiHer – which champions the economic advancement of women worldwide – says: ‘The impact of Covid-19 is a crisis like no other. The damage done to women could last for years.’
Over six in ten women (62%) say their financial goals have been impacted and that they’ve had to make changes to their retirement plans
Tamara Gillan, chief executive of The WealthiHer says: ‘While wealth is controlled by more women than ever before and growing fast, this group has been more negatively impacted, as a result of the pandemic and their self-esteem and financial confidence and security has suffered.’
The research was based on 2,239 respondents’ views and 200 one-to-one interviews.
Women are 1.8 times more likely to lose their jobs as companies cut back their workforce to survive during the Covid crisis.
Women have also had to change career paths or put their job ambitions on hold to prioritise their health and family. Many said this was more important than success at work.
The pandemic has also reversed much of the progress made for equality in the workplace with pay-parity set back by as much as 30 years.
Female business owners also faced more disruption and setbacks. Three in four women entrepreneurs said they fear their business may not survive.
Accessing finance has been more difficult too. Female entrepreneurs warned a lack of access to funds will hamper new start up enterprises as well as their own businesses.
Two in three women (65 per cent) – say they pandemic has made them more careful with money and that they are limiting their spending and trying to save more.
Over six in ten (62 per cent) revealed their financial goals have been impacted, resulting in changes to retirement plans.
The impact of Covid-19 is a crisis like no other. The damage done to women could last for years
Lockdown has also meant an increased burden for women, often shouldering the brunt of caring for those around them and being responsible for balancing the household budget.
Even though women are earning less they’re typically working more.
The WealthiHer report says that on average women are putting in 156 more hours than men a month in the home to support and care for their family.
Women earn less but typically put in more hours in the home to support and care for family
When asked what wealth would mean to them, women say health and happiness would be their top priority followed by financial security and not having to worry about bills and then having a good life/life balance.
While men also value health, happiness and financial security they class the freedom to have a good time that wealth would bring some 16 per cent higher than women.
Women see success in their career as a reward for hard work, while men revel in the status and trappings that success in a job brings such as travel, luxury goods and splashing out on treats for family and friends.
Lack of understanding
Besides inequalities in workplaces and home women are further hindered by the financial world’s lack of understanding that women’s aims are different from men. The findings show that a third of women believe finance is a man’s world in which their needs are often ignored.
Gillan adds: ‘Our extensive global research seeks to highlight where change is needed to better serve and empower women financially, so they can prosper, particularly in these challenging times.
‘Our research showed that nearly two thirds of women want a community around them.
‘We aim to fuel women with vital knowledge to ensure they are on the right path to secure and protect their futures.’
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