How COVID-19 Caused a “She-Cession” – Presented by Mark K. Lund, Investment Advisor

Presented by | August 9, 2021

Several 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 an investment advisor. If you’ve experienced financial strain due to the long-lasting effects of COVID-19, do not hesitate to reach out. I’m here to help get your financial goals back on track.

If you ever have any questions about your investments or retirement plans, please feel free to give me a call at 801-545-0696.

 

Citations
Federal Reserve Bank of St. Louis, 2020

This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. All information is believed to be from reliable sources; however we make no representation as to its completeness or accuracy. All economic and performance data is historical and not indicative of future results. Market indices discussed are unmanaged. Investors cannot invest in unmanaged indices. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This material was prepared by MarketingLibrary, Inc., for Mark Lund, Mark is known as a Wealth Advisor, The 401k Advisor, Investor Coach, Financial Advisor, Financial Planner, Investment Advisor and author of The Effective Investor. Mark offers investment advisory services through Stonecreek Wealth Advisors, Inc. a fiduciary, independent, fee-only, Registered Investment Advisor firm providing investment and retirement planning for individuals and 401k consulting for small businesses. Mark’s newsletter is called The Fiduciary Report. Cities served in Utah are: Salt Lake County, Utah County, Park City, Salt Lake City, Murray, West Jordan, Sandy, Draper, South Jordan, Provo, Orem, Lehi, Highland, Alpine, American Fork.

Category: Blog, Newsletters

About the Author ()

Mark K. Lund is the author of The Effective Investor, a #1 Best Seller, and founder of Stonecreek Wealth Advisors, Inc. an independent, fee-only, Registered Investment Advisory firm. He has provided articles for or been quoted in: The Wall Street Journal, The Salt Lake Tribune, The Enterprise Newspaper, The Utah Business Connect Magazine, US News & World Report, and Newsmax.com, just to name a few.  Mark publishes two newsletters called, “The Mark Lund Growth Report” and “Mark Lund on Money.”  Mark provides CPE (continuing professional education) courses for CPAs.  You may also have seen him on KUTV Channel 2, or as a guest speaker at a local association or business. Mark provides investment and retirement planning services for individuals and 401(k) consulting for small businesses. In his book, The Effective Investor, Mark exposes the false narrative magazines, media, big Wall Street firms, and most advisors want you to believe. The good news is that Mark will show you that you don’t need their speculative ways of investing in order to be a successful investor. Get a free copy when you schedule your initial consultation.

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