PROVIDENCE – Women have borne the brunt of the COVID-19 pandemic, and the hits are expected to keep coming, according to new research by Fidelity Investments Inc.
The recently released study found that nearly 4 in 10 working women are considering leaving the workforce or reducing hours due to remote schooling and caregiving responsibilities. This comes after recent national data from the Bureau of Labor Statistics showing that women comprised 80% of the 1.1 million workers who left the workforce in September.
Homeschooling topped the list of reasons for anticipated workforce reductions, named by 42% of those surveyed, followed by keeping children home due to health concerns (36%) and prohibitive costs for child care (27%). And nearly half, or 45%, of the women surveyed say they have taken on a larger share of household responsibilities compared to their male partners since the pandemic hit.
The “silver lining,” according to Fidelity, is that the increased family life responsibility has also coincided with heightened awareness of the importance of financial planning and savings. More than two-thirds of women said they are more engaged in money management since COVID-19 hit, including cutting back their discretionary spending, following detailed budgets and creating or updating their financial plans.
To serve the increasing financial planning needs of its customers, which as a whole have increased 24% year-over-year, Fidelity said it plans to hire 4,000 new employees, while adding a new program designed to help women become more engaged in their finances.
The company has also announced a series of new benefits for its employees, about one-third of whom have children under 13.
Specific benefits include a $100-per-dependent monthly stipend to offset child care costs; access to free professional services to find and arrange for child or family care; an additional five paid days off to serve as “relief days” for unexpected events, including those involving child care; and the option for part-time and remote work among call center and operations workers.
The benefits are set to last through the end of the year, but that is not a hard end-date and could be extended, according to Lorna Kapusta, the head of women investors at Fidelity.
Specific information on the gender ratios, attrition rates and hiring for its Providence offices were not available. The study was based on findings of 1,900 adults nationwide who identify as caregivers.
Nancy Lavin is a staff writer for the PBN. Contact her at Lavin@PBN.com.
