How many women have left the workforce due to pandemics and inflation?
This Wyshbox Life Insurance white paper is intended to put a spotlight on how women of different ages and cultural backgrounds have been affected by the negative financial impact of the pandemic, inflation and the fear of a potential recession on the horizon. Our research found that various communities of women weren't just vulnerable to these factors. Everyday occurrences like racial and gender specific pay gaps, company lay-offs and cyclical unemployment, also contribute to this issue. These are critical topics to discuss, considering the importance of women’s income for their families. A majority of American households are dual-income, resulting in a major impact on household maintenance, childcare and financial security for families. Ultimately, women’s freedom and security is being threatened due to societal and economic factors that we must address.
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The world is due a new normal for women
So what did we do? Well, Wyshbox Life Insurance interviewed and surveyed over 400 women to understand the struggles faced by communities of women, specifically how these periods of economic volatility affected women’s outlook on their financial futures.
The following topics are covered in this report:
- Overview of how various groups of women were affected by the pandemic.
- How have women overcome certain economic and social challenges and what still needs to be done.
- Women of color and their struggles towards financial independence.
- How women can build towards holistic financial protection in the future.
Key action items addressed in this paper will be societal and economic reforms. We’ll also discuss methods of shifting the paradigm to build forward momentum to achieve these aims.