Millions of Women Are Leaving the Workforce

While people still relaxed from their labors and enjoyed themselves during the recent Labor Day holiday, many of us might say that the world of work has certainly changed, particularly for women. The article “Millions Of Women Haven’t Rejoined The Workforce — And May Not Anytime Soon” points out that not only have record number of women lost jobs, record numbers of women are also not likely to rejoin the workforce right away.

In an article designed to give employers tips about how they can win back and retain women who left the workforce during the pandemic, notes, “Gender inequities were holding women back in the workplace well before the pandemic began in early 2020…” Women are feeling increased pressure from having more to do at work and at home. And sometimes even remote work does not alleviate work-related stress: the Deloitte Global report Women @ Work: A Global Outlook found that many women said their employers did not encourage work-life balance and that they still experience “noninclusive” behaviors even while working remotely. (Noninclusive behaviors includes things like inappropriate jokes and unwelcome critiques.)

The online audio version of the NPR article observes that while caregiving responsibilities are seen as the primary reason that women leave and stay out of the workforce, Stephanie Aaronson of the Brookings Institution says it is more “complicated” than that. She thinks that in addition to caregiving responsibilities, people are reevaluating their lives, and some are deciding they do not want to spend their time working the same way they had been before the pandemic.

If you find yourself without work or contemplating the idea of leaving your job, consider getting help from a Fee-Only Financial Planner instead of just winging it. You can use expert financial planning help as you enter the next phase of your life.

©Bring Clarity to Your Finances™. Millions of Women Are Leaving the Workforce is a post from Bring Clarity to Your Finances™

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Claire Emory, MBA, CFA, CFP®

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