Back to school season looks a little different this year!
Teachers are teaching virtually; kids' classes range from 100% in person to 100% virtual and everything in between. Plus, universities are opening and closing campuses, and we're encountering the nation's first female recession, aka shecession.
Shecession is a cute name for an event that isn't cute at all. For the first time in this country, we're living in a recession that's negatively impacting women at dramatically higher rates than men. Pre-COVID, we were making positive progress towards remedying the gender pay gap and wealth gap, but those strides might be wiped out.
This year's Women in the Workplace report by McKinsey & Company and LeanIn.Org cites that 1 in 4 women are contemplating leaving the workforce or scaling back their careers. For mothers, it's 1 in 3. There's a long list of COVID challenges leading to this female recession, including:
Childcare issues
Homeschooling responsibilities
Mental health concerns and burnout
Job instability and financial insecurity
I can't help but think what if money weren't part of the solution?' What if every one of these women and their families could decide their next steps while knowing that they'd be ok financially? What would that look like? Would it include scaling back their careers or would things look different? Maybe we'd see more men scaling back. Perhaps we'd see different support systems. The possibilities are endless.
Through our work at Merino Wealth, we help our clients to pursue their financial possibilities. Technically this doesn't mean that money isn't part of our solutions, but it does mean that our clients can feel more educated, comfortable, and confident in the financial decisions they make. How would that feel for you and your family? CLICK HERE if you'd like to see if we can help.