Women disproportionately affected by COVID-19 pandemic job loss

Published: Aug. 1, 2020 at 3:12 PM CDT
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TOPEKA, Kan. (WIBW) - A recent study by The Ascent shows that women have been disproportionately affected by COVID-19 job losses than men.

The Ascent, a Motley Fool company, says it has conducted a study on American women during the COVID-19 pandemic which revealed disproportionate effects on finances and the ways they are coping.

The study shows that 28% of women lost all of their income due to the pandemic, compared to just 20% of men.

According to The Ascent, when asked how long they could survive without the extra $600 a week in unemployment benefits, 35% of women say they could for less than a month while 26% of men said the same.

The study also says that it will take women longer to return to their pre-pandemic financial state as 20% say it may take three months or less, while 28% of women think it will take up to six months while 49% say it may take over half a year to recover.

Lastly, the study says 79% of women are likely to cut expenses, 54% are considering getting a side job, 33% are borrowing money, 20% are taking an early retirement plan withdrawal, 20% are taking out personal loans and 12% are borrowing against their home.

To read the full study visit The Ascent’s website.

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