We are seven months into the pandemic and caregivers continue to be impacted by the increasing challenges of juggling work and family commitments. Recent labor statistics show that nearly 80% of the 1.1 million workers who dropped out of the workforce in September were women, and that number may continue to grow. A new study by Fidelity Investments finds that nearly 4-in-10 working women (39%) are actively considering leaving the workforce or reducing their hours due to increased remote schooling and caregiving responsibilities.
“As more women and caregivers nationwide find themselves contemplating stepping away from their career or reducing hours at work, Fidelity is here to support them,” said Kathleen Murphy, president of personal investing at Fidelity Investments. “From providing financial planning support in the workplace, to working with women one-on-one to evaluate options to keep savings goals on track, to helping Fidelity’s own associates navigate these work and family challenges, we’re here to help.”
The study also found an increase in financial engagement among women since the onset of the pandemic. While women were already building good planning and savings habits, many have amped up those efforts in the last six months.
Fidelity is collaborating with thousands of companies across the country to roll out Women Talk Money, a new program to help more women get financially engaged and connect with the guidance they need to address these pressing work and life decisions.
“Women and caregivers are being challenged like never before and are looking to become more informed and better prepared as they make financial choices for today and the future,” said Lorna Kapusta, head of women investors at Fidelity. “Women Talk Money delves into why women need to think differently about financial planning, how life choices may affect the growth of savings and future financial security, and how to create a financial road map to help reach individual goals and accommodate expected and unexpected detours along the way.”
The program’s flagship six-part video series provides an overview of the key factors that affect women differently and can have a significant impact on their financial futures. Each 10-minute segment is reinforced with a ‘What You Need to Know’ Resource Guide with key takeaways and actionable next steps to apply to personal planning.