What exactly is a she-cession as opposed to a regular recession? Good question, I’m glad you asked. As you may have heard (I’m joking here!) – 2020 has sent various curveballs our way. One of the biggest curveballs being COVID-19 that sent ripples through the world and the majority of our lifestyles. Yes, it’s definitely been a dumpster fire of a year.
One of my favorite sayings is: This too shall pass – it might pass like a kidney stone, but it will pass!
Instead of going about our regular day-to-day lives, the majority of us were spending more time at home — more than we’ve ever had to in our lives. Not only did this directly affect our everyday routines, but it also sent a shock through the job market. Many of us lost our jobs or got hours cut, and many of those that did were women and especially women of color.
Understandably so, many companies had to shut doors and halt production to help save workers from the unknown virus. Yet, women seem to have been the first to go in some situations. Many are starting to label this recession as a she-cession — pointing out the overwhelmingly negative effects on working females. To make things even worse, 47 percent of jobs held by women are within the three industries hit hardest by COVID-19; hospitality, education, and health services.
Why the She-cession is so HARD on Women
Then to make things even worse for women, they closed ALL the schools, daycares, summer camps, all of the support mechanisms working women with children depend on every day. All of a sudden, women with children of all ages suddenly had a houseful of kids on their hands and had to pivot to homeschooling routines and almost no daycare options. The burden of managing this situation again fell disproportionally on the mothers rather than the fathers. Talk about a double whammy!
Not only does this take your career for an unexpected detour, but it also can do a number on your budget. For instance, making rent or paying for groceries becomes harder than normal when you don’t have your monthly income to fall back on. Many of the jobs that were lost have started to come back, but very SLOWLY and many jobs have changed significantly due to the new environment.
When the going got tough, the only thing many people had to fall back on was the government. But there was not a lot of help coming from that direction.
As things start to pick up and we’ve establishing healthier routines, there are some different easy to position yourself while getting back into your field of interest. First, start by creating a career plan, and a backup plan for any other curve balls that could come your way. Then, promote your growth and prioritize your budget.
See my helpful post on Why You NEED A Side Hustle. You’d be surprised at how much it helped me.
For instance, earn a career in what you’re passionate about, but also build skills in areas you know could withstand another economical downturn. Track your growth in these areas to consistently update your resume for any unknowns that could come your way. As you start out with those few areas of interest, create a budget that works for you and your lifestyle. Start paying off more debts and build your savings for any financially threatening future events.
Check out the infographic below on more insight about the she-cession and tips to navigating this change.
Here are some other posts you might enjoy:
10 Secrets of Women Who Always Have Money
The Biggest Financial Mistake Women Make
7 Strategies for Financial Independence – FIRE