How are Women Doing Financially During The Pandemic? We’re Struggling!

Good morning Beautiful Women Supporting Women,

Happy Monday to you all! I hope you had a great weekend. I spent mine hosting a Mental Health Awareness workshop, with 2 wonderful Social Workers/Life Coach. The ladies opened up and shared how it was difficult at times to press forward when met with challenges, while not being able to give themselves credit for the progress they’ve made in their lives. It was a very powerful and meaningful discussion, Our next workshop on Mental Health Awareness will be on December 12th. I will share the link once we draw closer to the date. All information shared is confidential.

I was reading an article that stated Women and Generation Z women are saving less money for Retirement than their male counterparts, according to a recent Retirement poll conducted by Wells Fargo. Side Note: Generation Z for story purposes is from 18-23

Why is this? The pandemic stripped a lot of Women of their employment in areas such as: restaurants, healthcare, salons, and hospitality (hotels). In addition, there are many single parent households where the Mother is the parent. Women are now forced to be the teacher, the employee, the chef, the computer wizard, and the list goes on! Since daycare can be quite expensive, Women with children had to cut back on hours so they could be there during school time. For Generation Z, so many were furloughed from their dream jobs or just laid off altogether! They feel they will not be able to save enough for Retirement because of this major setback. Believe it or not, but fewer women occupy jobs that allow them to work remotely: 22% of women compared to 28% of men. 

“Income loss, of course, directly affects retirement savings. The median retirement savings among men is $120,000, according to Wells Fargo. Meanwhile women have just $60,000 in median retirement savings. Yet those levels drop significantly among those who say they’ve been impacted by the Covid pandemic. Men impacted have just $60,000 in savings, while impacted women have just $21,000” – Nate Miles, head of retirement for Wells Fargo Asset Management.

In September, 216,000 Men left the workforce, while an alarming 865,000 Women had to leave!

What can people do to keep building a nest egg, whether the funds are coming from their final paychecks or from unemployment?

Next week I will talk about Budgeting. While I’ve covered this topic before, it is one that is worth revisiting.

If you have any additional questions, please feel free to post here or email me at: thefinancialcomforter@gmail.com.

As always, thank you for reading.

Have a beautiful and blessed week!

Marsha

Changing the lives in our community….one family at a time

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