Women’s financial futures are being impacted significantly by the pandemic’s pressures, both within and outside of the workplace. According to a recent survey conducted by UBS Global Wealth Management, 61% of women believe that Covid-19 has harmed their careers.
Findings of major importance:
- 40% of women have cut back on their job hours to help with childcare while their children are out of school.
- Even though 88 percent claimed it was a key priority for them, 25% had to postpone retirement.
- Salary raises and promotions were put on hold for four out of ten people.
- 26% are thinking about quitting their jobs completely.
During the Covid epidemic, there were financial difficulties.
In reaction to the pandemic’s financial instability, a 12 percent increase in the percentage of women examining their money — up to 45 percent — has occurred. While the growth reflects a positive tale for women’s financial control, it also indicates a disconnect between their work expectations and reality.
Women are bearing more than simply the brunt of fewer hours and stagnant professional advancements. Seventy percent say they cook, and 67 percent say they combine childcare and remote study with their day jobs.
According to the Lerner Center for Public Health Promotion, 80 percent of people who are currently unemployed due to caregiving responsibilities are women.
According to the Lerner Center for Public Health Promotion, 80 percent of people who are currently unemployed due to caregiving responsibilities are women. As a result, family care issues are becoming more prevalent, as are childcare costs associated with remote job and education. Kelly Wittich, CFP®, FTB Financial Services team at UBS Financial Services, spoke with us on the steps women may take to protect their financial security. Here’s what she had to say about it:
What recommendations would you provide to ladies who are suffering financial difficulties?
Take a moment to breathe and know you are not alone, is the first thing I would say to ladies who are hurting right now. Many people have been affected by the pandemic, particularly women, who have had to take on extra tasks and duties in their daily lives as a result of it. This is a setback for many women, but it is not permanent.
I recommend concentrating on the areas over which you have command. Take this time to think about where you want to be when things get back to normal. Consider the previous year and consider what you found enjoyable. Was it more time spent with family, alone time, or working from home? What didn’t you like about it? By taking the time to reflect, you will be able to focus on what is most essential, and you will be able to take action.
Are you looking for more from your job? Consult your supervisor and coworkers. Is there a position in the organisation that would be better for you? Do you want to change careers or find a new job? Should you start taking online classes right now to assist you accomplish your goal? Was working from home more productive for you? Consult with your employer to see whether a more flexible schedule is possible.
What steps should women take to ensure that they don’t go behind schedule when it comes to retirement?
“The trick to getting ahead is getting started,” said Mark Twain. Review your strategy and make sure you know where you’re going. Are you still on schedule to meet your objectives?
If you don’t have one, enlist the help of a trusted family member, friend, or financial expert to create one. You’ll be able to focus on particular actions, such as saving more, spending less, altering your retirement age, or refinancing, after you understand your plan. You will gain confidence and control over your future as a result of this.
Women have been hit harder by the unemployment crisis than men. Many women are suffering as a result of having to postpone retirement or cut back on work in order to handle remote learning with children. However, as Wittich points out, this does not mean that the modifications must be permanent.
Smart Growth suggests, take a look at your expenditure right now and see what you can cut back and what you can put into an emergency savings account. Apply for unemployment benefits right away if you’ve lost your work or had your hours shortened as a result of the pandemic.