How Covid has an outsized economic impact on women

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  • CNBC Television published this video item, entitled “How Covid has an outsized economic impact on women” – below is their description.

    CNBC’s Jon Fortt discusses how women have been impacted by the coronavirus pandemic with Sarah House, senior economist with Wells Fargo Securities. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

    When it comes to retirement planning, women are saving less than men.

    The coronavirus pandemic is only making it worse.

    Nearly three-fourths, or 72%, of women with investable assets of $100,000 or more said the crisis has negatively impacted their ability to retire, according to a January survey by Nationwide Retirement Institute.

    “It doesn’t help that so many women are now pulled out of the workforce because of Covid,” said certified financial planner Zaneilia Harris, president of Harris & Harris Wealth Management Group, based in the Washington metro area.

    More than 2.3 million women have left the workforce since February 2020, bringing their labor force participation rate down to levels not seen in more than three decades, according to the National Women’s Law Center.

    Pre-pandemic numbers already pointed to a gap between men and women. A 2019 Bank of America Merrill Lynch Workplace Benefits Report found that women enter retirement with $70,000 less than men. Nearly 1 in 5 have nothing saved, according to a 2020 CNBC/Survey Monkey Women at Work survey.

    Yet, women are outliving men.

    “I don’t know if it is a conscious thing, but we don’t encourage women to think about money in the way that we often encourage men to,” said Heather Zepeda, managing director at Northwestern Mutual in Washington.

    “The side effect to that is women are often left out of really important financial conversations.”

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