This year has sent various unexpected situations our way. One of the most monumental events being COVID-19 that largely affected the world and the majority of our lifestyles. Instead of going about our regular day-to-day lives, the majority of us were spending more time in the comfort of our homes — more than many of us ever had to. Not only did this directly affect our daily routines, but it also sent a shock through the job market. Many people around the world lost their jobs — many largely affecting women lead industries. 

Expectedly so, many companies had to shut doors and had to halt production to help save workers from the unknown. 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. Not to mention, the 47 percent of jobs held by women are within the three industries hit hardest by COVID-19; hospitality, education, and health services. 

Not only does this take your career for an unexpected detour, but it also hinders 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. To add to the cake, many industries had to shut down operations for a short period of time to stop the spread. Many of those industries were ones that people could benefit from after losing their jobs; the service, hospitality, and educational services.  

Check out the infographic below on more insight about the she-cession and tips to navigating this change.

More personal finance content from Mint:

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• 4 Tips for Women to Feel Empowered About Their Finances

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• Coronavirus: What You Need to Know to Get Through This Volatile Financial Time

Financial Planning and Saving Tips

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Top Women-Hosted Financial Podcasts:

One way to boost your financial literacy is to start listening to financial podcasts! Just imagine how much you’ll learn if you spend just 15 minutes a day listening to a podcast about personal finances.

So Money

Farnoosh Torabi is an award winning financial correspondent, best selling author and television personality, and the host of So Money. Torabi brings candid conversations about money with the world’s top business minds, authors and influencers including Arianna Huffington, Tim Ferriss, Gretchen Rubin, Seth Godin, Robert Kiyosaki, Jim Cramer, Margaret Cho and many others.

Mo' Money Podcast by Jessica Moorhouse

Millennial money expert Jessica Moorhouse interviews top personal finance & business experts, as well as inspirational entrepreneurs, authors, bloggers, friends and family to help you learn how to manage your money better, make smarter choices, earn more money, become debt-free and live a more fulfilled and balanced life.

The Fairer Cents

The Fairer Cents is an economics and finance podcast about badass women and their money stories — but not the usual stories. The usual suspect experts get enough airtime elsewhere, and we’re way more interested in hearing from financial underdogs and underrepresented voices, and tackling stickier issues like the wage gap, emotional labor and breaking into the boys’ club.

Build Your Investments

A special thank you to Mint for providing this beautiful and educational infographic about the she-cession!