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Ladies’s Funds Are Taking a Hit. Right here’s Learn how to Fight It.

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The pressures of the pandemic inside and outside the workforce are having a significant impact on women and their financial futures. According to a recent survey by UBS Global Wealth Management, 61% of women feel that Covid-19 has affected their careers.

Main results:

  • 40% of women have less working hours to look after children when they are not attending school.
  • 25% had to postpone retirement, although 88% said this is their top priority.
  • 4 out of 10 said salary increases and promotions have been suspended.
  • 26% are considering leaving the workforce entirely.

Financial challenges during the Covid pandemic

In response to financial uncertainty during the pandemic, the percentage of women checking their finances has increased by 12% – up to 45%. While the surge suggests a positive history for women’s control over finances, it also suggests a gap between their job expectations and their current reality.

[ Read: How Women Can Close the Retirement Savings Gap ]

Women take on more than just the burden of reducing working hours and stalling their careers. Seventy percent say they do cooking, while 67 percent take on childcare and distance learning in addition to their daily work.

A report by the Learner Center for Health Promotion found that 80% of those currently out of work due to care needs are women. This in turn increases family care challenges, as well as child care costs associated with remote work and schooling. We spoke to Kelly Wittich, CFP®, FTB Financial Services team at UBS Financial Services, about the steps women can take to ensure their financial stability. Here is what she had to say.

What advice do you have for women who are having problems with their finances?

The first thing I would say to women who are struggling right now is to take a moment, breathe and realize that you are not alone. The pandemic has hit many people, especially women, as they have had to assume more roles and responsibilities in their daily lives. For many women, this is a setback, but not a permanent one.

I suggest focusing on the areas where you are in control. Take the time to assess where you want to be when our lives get back to normal. Think about the past year – ask yourself what you liked. Was it more time to spend with family, alone, and work from home? What did you dislike? Taking the time to think can help you focus on what is important and then you can take action.

[ Read: A Woman’s Guide to Negotiating a Pay Raise ]

Would you like to get more out of your career? Talk to your boss and your colleagues. Is there a better role in the company? Do you need to find a new job or change your career? Should you sign up for online courses now to achieve this? Were you more effective from home? Talk to your company so you can agree to a more flexible work schedule.

What steps can women take to stay on the path to retirement?

To quote Mark Twain, “The secret to getting ahead is beginning.” Rethink your plan and understand where you are going. Are you still on the right track to meet your goals?

If you don’t have a plan, find a partner such as a trusted family member, friend, or financial advisor and come up with a plan. Once you understand your plan, you can focus on the specific actions, such as: B. save more, spend less, adjust your retirement age or refinance. This gives you confidence and control over your future.

Too long, not read?

Have the effects of the unemployment crisis Women more affected than men. Many women experience great success, whether because of delaying retirement or cutting back on work to manage distance learning with children. As Wittich suggests, this does not mean that these changes have to be permanent.

Now, look at your expenses and decide what to cut out and what to add to an emergency fund. If you’ve lost your job or your working hours have been reduced as a result of the pandemic, apply Unemployment benefit immediately. The Senate is over the motion for further development of the Biden government ‘proposed $ 1.9 trillion aid package This would include an additional $ 400 on top of government benefits. Hopefully Americans will see these benefits soon.

Quoted experts

Kelly L. Wittich CFP®

Senior Vice President Wealth Management, UBS

Kelly L. Wittich is a financial advisor in Cincinnati, OH and Senior Vice President Wealth Management for FTB Financial Services at UBS Financial Services. She has been in the practice for 15 years.

We appreciate your feedback on this article. Contact us at enquiries@thesimpledollar.com with comments or questions.

Photo credit: MT-R / Shutterstock

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