As we approach the two-year mark since the onset of the COVID-19 pandemic, many women are experiencing heightened career concerns and financial struggles, particularly in comparison to men. A recent study from the University of Phoenix Career Institute revealed that 51% of women are living paycheck to paycheck, with 46% expressing ongoing anxiety about job security in the current economic climate. Approximately one-third reported that the pandemic significantly disrupted their careers, despite 83% believing they possess the necessary skills to be employable.
Other surveys have indicated even greater percentages of households living paycheck to paycheck during this period. A survey by Highland Solutions in December 2020 found that 63% of Americans were facing this financial reality, while a report from LendingClub Corporation in June 2021 noted that 54% of Americans would struggle financially if they missed a single paycheck.
Compounding these issues, over 1.8 million women have exited the workforce since February 2020, often due to challenges like childcare responsibilities, illness, burnout, and other pandemic-related factors.
Why Are Women Facing Disproportionate Impacts?
So, why are women facing such disproportionate impacts on their careers and finances? Ruth Garcia, Chief Strategy & Customer Officer at the University of Phoenix, explains, “The pandemic has amplified pre-existing dynamics. Women frequently take on the role of caregivers in their families, managing childcare and educational responsibilities, whether by choice or necessity. They often find themselves caring for both children and aging parents, which can severely limit their capacity for career advancement.”
Additionally, when a parent needs to stay home for childcare, it is typically the lower-earning individual who does so, and on average, women earn less than men due to systemic sexism. The disparity is even more pronounced for Women of Color.
What Solutions Exist?
What solutions exist to improve this situation? While individual effort is commendable, it is clear that the United States must critically assess its infrastructure and support systems, including childcare availability, paid parental leave, and equitable pay for equal work.
Some of these issues fall under governmental responsibility; however, Garcia emphasizes that private corporations, organizations, and educational institutions can also take immediate steps to foster a supportive work environment. “We have the chance to create a flexible and engaging workplace,” she notes, “where all workers, especially women, can balance their professional and personal commitments.” Educational institutions can enhance their offerings to better accommodate adult learners focused on career advancement.
Optimism Amid Challenges
Despite these challenges, the University of Phoenix reports a surprising level of optimism among Americans. Approximately 78% of individuals express hope regarding their future careers, with 70% attributing their resilience during the pandemic to this sense of hope. Garcia suggests that this optimism stems from a shift in workplace culture, which is becoming more inclusive of the experiences of working parents and emphasizing mental health support, work-life balance, and career mobility opportunities.
Interestingly, some women have used the pandemic as a catalyst for reevaluating their lives and careers. Many are returning to school for new degrees or seeking remote positions that better fit their schedules.
As we navigate this crossroads, it is crucial to remain optimistic while acknowledging the daily struggles faced by women and families.
Further Reading
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Summary
Over half of women are currently living paycheck to paycheck, with significant concerns about job security and career advancement exacerbated by the pandemic. Systemic issues, including childcare responsibilities and unequal pay, contribute to these challenges. While optimism remains among many, there is a clear need for systemic change in support systems and workplace culture to foster better opportunities for women.