October 6, 2020
On the front line: the global economic impact of Covid-19 on women
Results show that Covid-19 has left millions of women worse-off, with less financial security than before, more dependent on others, and struggling to combine work and home life. The risk now is that the pandemic will reverse years of progress with gender equality – if we don’t act to provide new financial opportunities for women, and break down economic barriers.
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Key findings from our survey
• Economically, Covid-19 has hit women particularly hard. Nearly half - 47% - have had to dip into savings to make ends meet, or turn to friends and family for support.
• Women have spent more time caring for others - that has increased stress and left women less time for work and professional development. • Among the hardest hit are younger women, those with children and those in developing countries with little or no access to benefits or financial support.
• Not surprisingly, women feel more vulnerable as a result of Covid-19; 50% say they feel more exposed to financial risk. Most women say they’re not covered for basic risks, if faced with another crisis.
• Despite the setbacks, women are still largely optimistic. Most believe their prospects – and their family’s prospects – will improve over the next six months, or at least not deteriorate further.
• Women increasingly want to take matters into their own hands - our survey shows that nearly one in five would consider creating their own business as a response to the pandemic.
