We’ve discussed the gender pay gap and women’s overall economic vulnerability and all that was before we all had to meet the challenges of a worldwide pandemic. Many people have lost work due to the shuttering of the economy and according to CNBC, “Women May Take an Extra Hit from the Coronavirus Pandemic” because women “…are less able to weather that job loss without real harm because they are typically paid less than men in the same occupation.” And women who do find ways to get hired (either now or after orders to shelter in place are lifted) may find that they are going to be asked to work for less compensation than before.
What might this mean? Some women may be able to do the same kinds of work they’ve done in the past, even if they are paid less. Others may need to pivot in to other kinds of work.
It means our spending habits may need to change. Some people, in anticipation of a swift return to the way things were, may have spent money in ways they would not have otherwise. If this is you, consider how to reap the most benefit from what you have already purchased and adjust your budget for economic uncertainty.
You may be worried about having enough money to keep your household going right now. Someone else may be concerned that they won’t have enough money for retirement. We all have different concerns but the way forward is to do the best you can right now. If you need to call creditors and ask for grace, do that. If you need to spend some of your savings to cover current expenses, do that.
Although women are more economically vulnerable, women are also capable of finding ways to keep things going. And you can consult with a Fee-Only financial planner to form a plan for how you will stay afloat.