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How COVID-19 Caused a “She-Cession”

Money Matters

      

Brought to you by: Community Partner Vision Financial Group

Community Partner Logo 20 Years 150x150Several women-dominated industries were hit hardest by the pandemic. Since the 1980s, unemployment rates have trended higher amongst men than women during a recession. In previous periods of economic downturn, this made sense. Male-dominated industries, like construction and finance, were typically some of the most impacted by a recession.(1) 

But with the onset of COVID-19, we’ve seen a shift in what workforces are the most impacted. The unemployment rate among women more than quadrupled from 4.4% in March 2020 to 16.1% in April 2020. That’s a 2.5% higher rate of unemployment in women than men.1 

There are a few reasons why this past year’s economic downturn is being called a “she-cession.”

Several women-dominated industries, including hospitality and leisure and entry-level food positions, were hit hardest by the pandemic. And when schools, nurseries, and daycares shut down, parents scrambled to cover. This increased need for full-time childcare meant many working mothers adjusted their professional roles to accommodate. 

While the government offered several short-term assistance options to help those affected by the pandemic, there are long-term, compounding financial hardships that should be addressed by a professional. If you have experienced financial strain due to the long-lasting effects of COVID-19, do not hesitate to reach out. We are here to help get your financial goals back on track.

-Vision Financial Group 

4505 Pine Tree Circle, Birmingham, AL 35243

205-970-4909 

vision-financialgroup.com

This material was prepared by MarketingPro, Inc. and does not necessarily represent the views of the presenting party, nor their affiliates. Investment Advisory services offered through Investment Advisors, a division of ProEquities, Inc., a Registered Investment Advisor. Securities offered through ProEquities, Inc., a registered broker-dealer and member of FINRA & SIPC. Vision Financial Group, Inc. is independent of ProEquities, Inc. 

Citations

  1. Federal Reserve Bank of St. Louis, 2020

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