Thu, 18 March 2021 | women pandemic
The COVID-19 pandemic has negatively impacted women’s personal finances. A new survey by Edelman Financial Engines*, one of the nation’s largest independent financial planning and investment management firms, revealed that 71% of women say the pandemic impacted their finances and one in three expect it could take a year or more to recover. Women of color expect they won’t recover for 6 years on average.
Three in five (61%) women experienced significant adverse financial events during the pandemic, including taking money from savings or investments (26%), losing a job or getting a pay cut (19%) or incurring medical expenses (18%).
Half (51%) of women are more worried than they were before the pandemic and 26% are much more worried about achieving financial milestones. Women (37%) are more likely than men (29%) to be concerned about increasing emergency savings.
“Our survey highlights the challenges women are facing due to the pandemic,” said Ric Edelman, founder of Edelman Financial Engines. “Seeking advice from an experienced financial advisor can help women improve their situation as we move past the pandemic.”
The survey revealed, however, that relatively few women seek advice from financial advisors. In fact, more women have received advice from their parents (36%) than a financial advisor (27%).
Source: Edelman Financial Engines