Women’s livelihood shift as pandemic impact grows

It has been a year since we released the article, Impact of COVID-19 pandemic on working women. With the pandemic still raging across the globe, it is no surprise that women are still struggling with its effects. In this article, we cite new research which highlight the immense economic and psychological effects of the pandemic on women. Women are continuing to face challenges of unemployment, income loss, lack of childcare support, financial insecurity, and stress on their mental and physical well-being. Yet, the bright spot in all of this for women has been a time for reflection and reprioritizing what matters most to them especially in terms of relationships and a stronger emphasis on values that support equality.

Unemployment gap widens for women

Women are still struggling to get back into the workforce. The Gates Foundation indicates the Covid-19 pandemic has uniquely impacted the economic livelihoods of women around the world. More women are unemployed today than at any time since the pandemic began. While a similar proportion of men and women lost their jobs during the pandemic, fewer women are getting rehired. The International Labor Organization (ILO) predicts that 2 million more women are expected to leave the workforce in 2021, adding to the 13 million in 2020.

Source: International Labor Organization (ILO)

Two key reasons are those industries employing women such as retail, tourism and hospitality are slow to recover, and structural issues such as the lack of childcare support for working mothers makes it hard for women to participate more in the workforce.

Addressing the latter has an incredible economic impact. By providing childcare to support women, US$3 Trillion could be added to the global economy each year, according to Eurasia Group analysis.

Working mothers are downshifting their careers

The pandemic has been especially disruptive to working mothers. A pulse survey of women conducted by Meredith Data Studio in March 2021 reveals that quarter or 1 in 4 moms who are/were employed during the pandemic had to quit or scale back their hours to care for others – more than double the rate of non-moms. Half (50%) of the working mothers surveyed are interested in finding a new job that better suits their own and their family’s needs (vs. 40% of non-moms).

Women and finances

Financial uncertainty due to the pandemic has had a positive influence on women’s savings, with 54% of women saving especially for unexpected circumstances. However, with a third of households experiencing job losses, reduced working hours or salary reductions, it is not surprising that 21% of women had to tap into saving to survive.

Source: Meredith Research Solutions. The Post-Normal Consumer: Navigating an Uncertain Present & Future. February 2021.

Women are reprioritizing their lives

The pandemic has been a pivotal time for women according to a report by Meredith on “The Post-Normal Consumer.” A majority (69%) of women will or have made make changes to their lives due to the pandemic. For many, it has been a time of reflection and reprioritizing what matters to them, which includes: having close family relationships; living an active and healthy lifestyle; being dependable and trustworthy for family and friends; continuing to learn and grow; and treating every person in the world equally and justly were the top five priorities for women.

Source: Meredith Research Solutions. The Post-Normal Consumer: Navigating an Uncertain Present & Future. February 2021.

Impact on women’s well-being

Last but not least, the psychological impact of the pandemic on women has been significant. Around 40% of women said that their mental health had declined. This was especially the case for women younger women, women who experienced a job or income loss, and women of diverse backgrounds who are at risk due to underlying health conditions personally or who has a member of their family at risk.

Source: Meredith Research Solutions. The Post-Normal Consumer: Navigating an Uncertain Present & Future. February 2021.

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