Report: Women’s financial health at 5-year low

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(NewsNation) — Money woes are often seen as a universal problem across all spectrums — but research shows inflation and other economic issues may have especially hurt women.

A new report by Ellevest, a financial planning and investment company, shows 59% of women worry about their finances at least once a week. A whopping 43% actively worry about money once a day.

About 55% of men, in comparison, worry about money more than once a week, and 43% do once a day.

Ellevest’s study showed that women’s financial health is tracking at the lowest level it’s been at for the last five years. It’s even lower than during the “depths of the pandemic,” the research found.

“Most women lost jobs at a disproportionate rate in the pandemic relative to men,” financial journalist Bethany McLean said on NewsNation’s “Morning in America.” The Pew Research Center found 11.5 million women lost their jobs from February to May 2020, and 9 million men did.

When the COVID pandemic started, more women than men ended up having to leave the workforce to take care of children as well — and many have not yet returned, McLean said.

Another part of the problem, according to McLean, is that even in families where women already worked, they still did more of the childcare. Women worldwide at the beginning of the pandemic, according to Bloomberg, took on 173 additional hours of unpaid childcare. Men, meanwhile, did 59 additional hours.

“So you have this idea that although the pandemic hit everybody terribly, it hit women economically harder than it did men,” McLean told NewsNation.

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