Whether they have been laid off or had to leave to care for children home from school, many are struggling to make ends meet. In fact, 1 in 4 women are considering leaving the workforce or downshifting their careers, according to a September Women in the Workplace report from Lean In and McKinsey & Company.
The implications are far-reaching and could result in a widening of the gender pay gap, said Emily Martin, vice president for education and workplace justice at NWLC. Long-term unemployment, as well as leaving the labor force entirely for a spell, that is certainly going to show up in wages once you are again employed, she said.
It doesn t help that so many women are now pulled out of the workforce because of Covid, said certified financial planner Zaneilia Harris, president of Harris & Harris Wealth Management Group, based in the Washington metro area.
More than 2.3 million women have left the workforce since February 2020, bringing their labor force participation rate down to levels not seen in more than three decades, according to the National Women s Law Center.
Yet, women are outliving men. I don t know if it is a conscious thing, but we don t encourage women to think about money in the way that we often encourage men to, said Heather Zepeda, managing director at Northwestern Mutual in Washington.
Women lag behind men in saving for retirement The Covid pandemic has made it worse msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.