Coronavirus The epidemic has given women a severe financial setback, placing them in job loss and career-jeopardy related to the epidemic. Child care responsibilities.
For one thing, women’s jobs are more vulnerable to the COVID-19 crisis than men’s occupations. Women make up 39% of global employment, but by May 2020 there is a 54% reduction in jobs McKinsey & Company’s research.
The US unemployment rate for adult women in September was 7.7% compared to the 7.4% rate for men. And while this gap has narrowed in the spring by its pervasiveness, it is important to note that women give up the labor force. In September, more than 1 million workers aged 20 and over dropped out of the workforce, 80% of them were women, according to them Analysis of data from Bureau of Labor Statistics.
Women of color are having an even harder time. Of the women leaving the workforce, 324,000 were Latina and 58,000 were black women.
And while men are certainly feeling the economic collapse of the coronovirus epidemic, women are experiencing economic difficulties that have characterized the moment as “that-session”.
“Women have been completely smitten on the fronts and especially on women of color,” says Melissa Boutech, vice president of income protection and child care / elementary education at the National Security Law Center.
Also, when the economy starts to reverse, some experts worry that women will still be abandoned and their economic losses will be felt in the future.
“The COVID-19 epidemic has exposed deep gaps in our economic and social infrastructure that are the result of decades of ongoing work that helps women and people of color support low and middle-income families.” To april report National Women’s Law Center.
If you are a woman who is experiencing unemployment or wage loss during an epidemic, it is important to know that you are not alone. Here’s why women are most hit by financial difficulties related to the epidemic – and some strategies women can use to stay solvent.
Why women are experiencing financial hardship during the coronovirus epidemic
Women are facing many financial consequences during the COVID-19 epidemic. But in general, it is a triple whammy of the types of childcare responsibilities, inequality paying and employing women.
First, mothers in the workforce already have to work “double shift” at home, taking care of children and household tasks after their paid workday ends, according to 2020 “Women in the Workplace” Studies from McKinsey & Company and LeanIn.org.
But COVID-19 has removed support such as daycare and school, which has made this handiwork sustainable for many women. According to “Women in the Workplace”, this stress has contributed to 4 to 1 women who are considering reducing their workload or leaving the workforce altogether.
Additionally, women have historically been underpaid for their work. In 2019, women made just 82 cents for every dollar, according to the nonprofit American Association of University Women. Gender pay gap It is broader for women of color – black women made 63 cents for every dollar of wages of white, non-Hispanic men, and Latin made 55 cents. “They are not only suffering from a gender pay gap, but also a racial wage gap,” says Bottech.
While women only make up half of the American workforce, they represent about two-thirds of workers in 40 minimum-wage jobs, according to the National Women’s Law Center.
Those jobs, which include jigs in food service, cleaning, and child care, are also those elevated by the COVID-19 epidemic. Women in these jobs may be in the front lines risking their health to keep the economy lukewarm, but they may also be in areas such as hospitality that the epidemic has closed. Either way, they often lack good salaries and strong safety nets.
What can women do to protect their finances during coronovirus?
Reducing expenses, exploiting public and private relief programs and prioritizing housing, food and medical care are steps that women can take to protect their financial health.
And while these strategies may help mitigate some of the economic decline, keep in mind that the drastic financial impact of COVID on women is not a personal issue. In general, policy changes will lead to major improvements, a new stimulus package Or after the end of an epidemic, like the start of a vaccine, experts say.
“It’s not a personal failure, it’s a social failure, it’s a policy failing,” Ellis Gould, senior economist at the Economic Policy Institute, a nonprofit and nonprofit think tank based in the District of Columbia.
“Job losses are particularly difficult for workers and their families, who do not have other resources to attract,” Gould says.
That said, you can help by reducing expenses and taking advantage of any relief programs available to you because the epidemic can spread. Here are some strategies to use.
Either way reduce the monthly bill payment. Service Increase your budget, Evaluate or re-evaluate monthly expenses. Take advantage of any deferred or reduced payment options offered by your lenders or service providers.
One strategy is to call your lenders, credit card issuers, utility companies, and any other service provider to discuss relief options. In some cases, they require state or federal law to work with you. Others are choosing to offer relief programs, knowing that this is a difficult time for many.
If your financial situation is not completely critical – for example, if your spouse stays employed – then a home mortgage refinance can reduce your monthly mortgage payment. “It’s potentially a good way to save a few hundred dollars a month,” says Maggie Germano, financial coach for women in the District of Columbia.
Additionally, you can withhold retirement contributions and other payments to keep more money in your bank account when dealing with financial uncertainty. If you return to the workforce or when there is an immediate risk of job loss, just to make sure you have a plan to restart the contribution.
Evaluate federal, state and community benefits. whereas $ 600 boosts unemployment Expired, the unemployment insurance program can still provide the necessary support. Eligibility was expanded during the epidemic, so don’t assume that you wouldn’t qualify if you weren’t in the past. Your state will manage the program, so check its benefits portal to start your application.
The Supplemental Nutrition Assistance Program, also known as a meal stamp, can provide the necessary calories for individuals and families.
Take a break. For women trying to balance work with responsibilities without help, the juggling act may feel inconsistent.
But before you get out of the labor force, consider any creative solution that depends on your job and support systems. Can you reduce hours instead of giving up altogether? Are there resources available in your community, neighborhood, or workplace?
This can be said to be easy, but take a break, evaluate your decisions, then make the right one for your family. “If possible don’t try to make any irreversible decisions during such times,” Germano says.
In general, neither of these strategies is a cure. But they are a beginning.
And some small rest. The coronovirus epidemic has highlighted the support women – and all workers – need to achieve equality in the workplace, including flexible work options and access to child care. Put pressure on politicians and employers to prioritize these issues even if the coronovirus fades. “Fight for that flexibility in the workplace,” Gould says.