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What Women Should Know About Business, Work and Finances During a Recession

Updated: Oct 8



The COVID-19 pandemic has plunged our global economy into one of the worst recessions any of us have ever experienced. That’s a frightful thought no matter where or who you are, but the pandemic and the recession are both putting even more pressure on women. Whether they’re working from home, working to find a new job or taking care of children, women are shouldering more than their fair share of the burden this year has placed on families.

That’s why The Chalfont Bookkeeping Service thought it might be helpful to provide these insights into the pressures women are facing in a pandemic world and how they can attempt to overcome them.

Female Entrepreneurs Face Even More Bias

If you are a woman looking to start a new business, you should know that you may face a higher level of bias as an entrepreneur. Global studies show that female entrepreneurs, especially those from the UK, tend to get more questions about their family life and less respect as leaders when compared to their male counterparts. Of course, these obstacles are not limited to the UK, which is why women should be aware of them and be prepared to face these challenges as they forge their path to success.

If you do wish to establish a new business soon, whether to earn extra income or replace income lost due to the recession, creating a profile on a freelance job board may be the way to go. There you can find flexible work as a writer, IT professional, customer service specialist, accountant, web developer, and pretty much any position in any industry. This can be a simple and cost-effective way to market your business services and create income.

Home Responsibilities are Piling Up Around Women

As if worrying about finances wasn’t enough for women, it’s also worth noting that even before the recession and COVID-19, women were working more at home than males in the same household. Even working women were spending more of their time at home taking care of chores and looking after the needs of children, and this inequity has only gotten worse since the COVID-19 crisis and the resulting recession.

Now, in addition to working 40 hours or more in their regular jobs, women are putting in a shocking 71 hours per week on home responsibilities. This creates an enormous burden for those who must work in order to keep their family’s finances stable. If you are experiencing similar stressors in your home, try to divide chores among other household members and ask your employer for a more flexible schedule, to avoid feeling burned out.

Women Working From Home Feel Even More Pressure

When the world transitioned to remote work earlier this year, experts believed that these arrangements would resolve workplace inequity for women. Unfortunately, the opposite has proven to be true, and due to the disproportions mentioned above, women who are working from home tend to be more stressed out than their male co-workers and housemates.

Some proactive steps you can take to reduce some of the pressures you are feeling include coming to an agreement with your spouse about how parenting responsibilities will be divided during work hours. Also, be sure to set boundaries around these hours with your little ones, but do the same with your employer around family or personal time.

Financial Responsibilities are Also Falling to Women

COVID-19 has revealed some pretty serious obstacles when it comes to the finances of women, like job losses and pay inequities. You can use budgeting tips to help make the most of your finances, which will help you find painless expenses to cut and even assistance when needed. If you need more help with business or personal finances, also consider accounting services from Chalfont Bookkeeping Service to help you stay on track.

There’s little doubt that women are facing more career and financial stressors due to the recession and the global pandemic. Being aware of these pressures is half of the battle, so make sure you have tools that will help you relieve stress as this crisis wears on.

"Article by Sarah Bull from Economymom.com"

Photo Credit: Rawpixel

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The Chalfont Bookkeeping Service Limited

Incorporated in England

Co. Registered No. 11778865

 

Tel: 07960 499 267

Address: Denham Lane,

Chalfont St Peter ,

Gerrards Cross,

Bucks,

SL9 0ES

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